February 15, 2017 / 1:16 AM / a year ago

CSX calls for special meeting of shareholders

Feb 14 (Reuters) - U.S. rail operator CSX Corp said its board has called for a special meeting of its shareholders to discuss requests made by hedge fund Mantle Ridge LP, which is trying to install Hunter Harrison, outgoing chief executive of Canadian Pacific Railway Ltd as the company’s chief executive.

CSX said it will allow shareholders to vote on Harrison’s proposed pay package, which is estimated to exceed $300 million. Shareholders will also be allowed to vote on Mantle Ridge’s proposal for substantial representation on the company’s board.

Mantle Ridge LP, run by ex-Pershing Square Partner Paul Hilal, became a CSX shareholder recently owning less than 5 percent of the company’s stock.

News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Bill Rigby and Sandra Maler)

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