CRTS Update #03-25
Sunday, March 21st, 2004 at 14:20 EST
Railroad CEO Compensation Fell 8 Percent During 2003:
(Except for UP's Davidson and BN's Rose)
By Christopher Dinsmore
Despite a decent year at Norfolk Southern Corp., the total compensation of the railroad's
top executive slipped about 8 percent in 2003, according to the company's proxy statement filed with
the Securities and Exchange Commission.
Besides outlining executive compensation, the annual proxy statement invites shareholders to the
company’s annual meeting and presents directors up for election to the railroad’s board. This year's
annual meeting will be at 10 a.m. May 13 in St. Louis.
David R. Goode, Norfolk Southern's chairman, president and chief executive, received a compensation
package valued at nearly $10.7 million in 2003, down from $11.6 million in 2002. The package
included salary, bonus, stock options, restricted stock awards, long-term incentive plan payments
and a variety of other income.
Goode's compensation slipped because he was awarded fewer stock options. That drop was somewhat made
up for by awards of restricted stock, which Goode must hold at least three years.
While Goode's compensation slipped, the compensation of top executives at two of the nation's other
three top railroads rose.
Richard Davidson, the chairman, president and chief executive of Union Pacific Corp., the nation's
largest railroad, saw his compensation rise 15 percent to $18.7 million last year. Matthew Rose, the
chairman, president and chief executive of No. 2 Burlington Northern Sante Fe Corp., saw his
compensation increase 6.8 percent to nearly $5.4 million. CSX Corp. has not yet released its annual
proxy statement.
Norfolk Southern had a decent 2003 with earnings up 16 percent to $535 million on revenue of nearly
1:41:29 PM 
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