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CSX Corporation

CSX Corporation
Public
Traded as
Industry Transport, real estate, technology
Founded 1980
Headquarters CSX Transportation Building
500 Water Street
Jacksonville, Florida
, U.S.
Area served
North America
Key people
Edward J. Kelly III (Chairman)
James M. Foote (President, CEO)
Services Railroad Transport
Revenue US$11.4 billion (2017)[1]
US$3.85 billion (2017)[1]
IncreaseUS$5.47 billion (2017)[1]
Total assets IncreaseUS$37 billion (2017)[1]
Total equity IncreaseUS$14.6 billion (2017)[1]
Number of employees
24,006 (December 2017)[2]
Subsidiaries CSX Transportation, Fruit Growers Express, Conrail, Seaboard Coast Line, etc.
Website CSX.com

The CSX Corporation is an American holding company focused on rail transportation and real estate in North America, among other industries. The company was established in 1980 as part of the Chessie System and Seaboard Coast Line Industries merger. The Chessie System and Seaboard Coast Line Industries which includes all railroads of both companies became subsidiaries of the CSX Corporation and both companies were merged into the CSX Corporation in 1980, the third year that the CSX Corporation was in operation.

The various railroads of the former Chessie System and Seaboard Coast Line Industries that are now owned by CSX Corporation were eventually merged into a single line in 1986 and it became known as the CSX Transportation. CSX Corporation currently has a number of subsidiaries beyond CSX Transportation, including Fruit Growers Express, CSX Technology, CSX de Mexico, and CSX Real Property among others. Based in Richmond, Virginia, USA after the merger, in 2003 the CSX Corporation headquarters moved to Jacksonville, Florida.

Subsidiaries and divisions

Current subsidiary companies

Divestitures and discontinued operations

The CSX building, Jacksonville, FL, US, at night
  • CSX Hotels, Inc.
  • Sea-Land Corporation split into two shipping lines and a terminal operator:
  • SL Services, Inc. (“SLSI”) sold to Dubai Ports International FZE (“DPI”) in 2005[8]
  • Orange Blossom Investment Company, Ltd sold to Dubai Ports International FZE (“DPI”) in 2005
  • CSA Acquisition Corp.
  • Texas Gas Transmission Corporation bought in 1983, sold in 1988 to Transco.[9]
  • Energy and utilities

Staff and management

The founding chairman of CSX Corporation was Prime F. Osborn III of Seaboard,[10] and the first CEO and second chairman was Hays T. Watkins Jr. of Chessie. Watkins was succeeded by John W. Snow as CEO in 1989 and as chairman in 1991. When Snow left the company in 2003 to become United States Secretary of the Treasury, Michael J. Ward, who then headed CSX Transportation, was promoted to succeed him. Overall in 2003, Ward took on the positions of chairman, president, and CEO.[11] When president Oscar Munoz left CSX in September 2015 after obtaining the role earlier that year from Ward, the company underwent several management changes, with Clarence Gooden appointed president.[12]

The company went through major leadership changes in 2017 when activist investor Mantle Ridge, a hedge fund that held 4.9% of CSX's stock, demanded a change in the board, that Michael Ward step down as CEO, that the company cut middle management, and that the company hire Hunter Harrison, known for leading the turnaround three other railroads, as CEO.[13] Within months of Harrison's hiring in spring 2017, several members of CSX's executive management team stepped down. Harrison died on December 16, 2017 and shortly thereafter Chief Operating Officer James M. Foote was named president and chief executive officer.[14][15]

The following is a list of CSX management as of January 2018:

  • Edward J. Kelly III, chairman[15]
  • James M. Foote, president and chief executive officer[16]
  • Frank A. Lonegro, executive vice president and chief financial officer[16]
  • Mark K. Wallace, executive vice president and chief administrative officer[16]
  • Nathan D. Goldman, executive vice president and chief legal officer[16]
  • Edmond L. Harris, executive vice president of operations[16]

Finances

CSX Corporation's total equity was estimated at USD $9.136 billion in 2012,[17] and that rose the following year to $10.504 billion.[18] The value of the company's assets rose from $30.723 billion in 2012[17] to $31.782 billion in 2013.[18] Total revenue equaled USD $12.026 billion in 2013,[17] an increase from $11.763 billion the year before.[17] Operating income was $3.464 billion in 2012[17] and $3.473 billion in 2013,[17] while net income equaled $1.863 billion in 2012[17] and $1.864 billion in 2013.[17] In 2014, annual net income again equaled around $1.86 billion.[11]

See also

References

  1. ^ a b c d e [finance.yahoo.com]
  2. ^ [phx.corporate-ir.net]
  3. ^ a b c d e "CSX Company Organization". csx.com. Archived from the original on 2012-07-24. Retrieved 2015-11-16. 
  4. ^ a b c "Employer Status Determination - CSX Technology, Inc" (PDF). Railroad Retirement Board. 1988. Retrieved 2015-11-16. 
  5. ^ "Consolidated Information for Revenue Adequacy Determination" (PDF). stb.dot.gov. 2009. Retrieved 2015-11-16. 
  6. ^ "CSX de Mexico". CSX Corporation. Archived from the original on 2010-10-01. Retrieved 2015-11-16. 
  7. ^ "CSX Corporation 2004 Annual Report" (PDF). CSX Corporation. 2004. Retrieved 2015-11-16. 
  8. ^ "CSX Corporation 2008 Annual Report" (PDF). CSX Corporation. 2008. Retrieved 2015-11-16. 
  9. ^ "CSX to Sell Pipeline to Transco". The New York Times. December 24, 1988. Retrieved 2015-11-16. 
  10. ^ "Prime F. Osborn III, 70, a railroad industry executive who founded CSX, has died". Orlando Sentinel. January 8, 1986. Retrieved 2015-11-16. 
  11. ^ a b Kapadia, Reshma (February 22, 2014). "CSX Boss Has Been Working on the Railroad". Barron's. Retrieved 2015-11-16. 
  12. ^ "CSX: Munoz sheds wheels for wings; Gooden elevated to President". Railway Age. September 9, 2015. Retrieved 2015-11-16. 
  13. ^ "CSX Is Cutting 1,000 Managers and Losing Its CEO". Reuters via Fortune. February 22, 2017. 
  14. ^ "CSX Announces Death of CEO E. Hunter Harrison". www.csx.com. December 16, 2017. Retrieved 2017-12-16. 
  15. ^ a b "CSX Board of Directors Names Industry Veteran James M. Foote President and CEO". www.csx.com. December 22, 2017. Retrieved 2018-01-28. 
  16. ^ a b c d e "Management Team". csx.com. Retrieved 2018-01-28. 
  17. ^ a b c d e f g h "CSX CORP 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 12, 2014. 
  18. ^ a b "CSX CORP 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 16, 2014. 

External links