NEW YORK – CSX says its shareholders have approved an $84 million payment related to the hiring of CEO E. Hunter Harrison.
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Harrison was hired as CEO of the railroad company three months ago and had said he would resign if the payment wasn't approved.
Jacksonville, Florida-based CSX says 93 percent of the votes Monday were in favor of making the payment.
Of the $84 million, $29 million will go to Harrison for compensation he earned at his previous employer, Canadian Pacific Railway Ltd., that he had to forfeit in order to join CSX.
The remaining $55 million will go to activist investor and CSX shareholder Mantle Ridge to reimburse it for payments it made to Harrison to get him to come to CSX.