CSX Corporation (NASDAQ:CSX) today announced the decisions of
Michael J. Ward, Chairman and Chief Executive Officer, and Clarence
W. Gooden, President, to retire from the Company effective May 31,
2017. Fredrik J. Eliasson, a 22-year veteran of the Company and its
current Chief Sales and Marketing Officer, has been appointed as
President of CSX effective February 15, 2017, replacing Mr. Gooden,
who will assume the role of Vice Chairman until his retirement. Mr.
Eliasson will maintain his current responsibilities in his new
position. The changes are part of an orderly transition of the
company’s senior leadership that the Board has been considering for
more than a year. The appointment of Mr. Eliasson as
President is not intended to preempt or otherwise affect any
discussions CSX may continue to have with Mr. Hunter Harrison and
Mantle Ridge regarding Mr. Harrison becoming the CEO at CSX.
“Fredrik has played a vital role in CSX’s progress in recent
years and in the development of the next phase of its strategic
plan, and he was a natural choice to help the Company continue to
advance its CSX of Tomorrow strategy,” said Mr. Ward. “He has the
vision, leadership abilities and deep understanding of our business
to help CSX’s future leadership achieve its long-term strategic
goals.”
“On behalf of CSX’s Board of Directors, I want to thank Michael
and Clarence for their many years of dedicated service and
contributions to our Company,” said Edward J. Kelly, III, CSX’s
Presiding Director. “Michael has helped build CSX into one of the
nation’s leading transportation and logistics companies, and
Clarence has similarly provided valuable leadership across CSX’s
sales, marketing and operations teams. We wish both the best in
their retirements.”
Mr. Eliasson commented, “This is a dynamic and important time at
CSX, and I look forward to continuing to work with the management
team to implement the best ideas to drive growth across the
organization and deliver a compelling future for our Company and
our shareholders.”
Mr. Eliasson, 46, has served as Executive Vice President and
Chief Sales and Marketing Officer at CSX since September 2015,
where he is responsible for overseeing all customer service
activities, growing rail-served markets and developing strategic
plans for long-term revenue growth at the Company. He was
previously CSX’s Chief Financial Officer, from 2012 to 2015, and he
has held several leadership roles across the Company’s finance and
sales and marketing departments since joining CSX in 1995.
About CSX and Its DisclosuresCSX, based
in Jacksonville, Florida, is a premier transportation
company. It provides rail, intermodal and rail-to-truck
transload services and solutions to customers across a broad array
of markets, including energy, industrial, construction,
agricultural, and consumer products. For nearly 190 years,
CSX has played a critical role in the nation's economic expansion
and industrial development. Its network connects every major
metropolitan area in the eastern United States, where nearly
two-thirds of the nation's population resides. It also links
more than 240 short-line railroads and more than 70 ocean, river
and lake ports with major population centers and farming towns
alike.
This announcement, as well as additional financial information,
is available on the company's website
at http://investors.csx.com. CSX also uses social media
channels to communicate information about the company. Although
social media channels are not intended to be the primary method of
disclosure for material information, it is possible that certain
information CSX posts on social media could be deemed to be
material. Therefore, we encourage investors, the media, and others
interested in the company to review the information we post on
Twitter (http://twitter.com/CSX) and on SlideShare
(http://www.slideshare.net/HowTomorrowMoves). The social
media channels used by CSX may be updated from time to time.
More information about CSX Corporation and its
subsidiaries is available at www.csx.com and
on Facebook (http://www.facebook.com/OfficialCSX).
Forward-Looking Statements
This information and other statements by CSX may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act with respect to, among other
items: projections and estimates of earnings, revenues, margins,
volumes, rates, cost-savings, expenses, taxes, liquidity, capital
expenditures, dividends, share repurchases or other financial
items, statements of management’s plans, strategies and objectives
for future operations, and management’s expectations as to future
performance and operations and the time by which objectives will be
achieved, statements concerning proposed new services, and
statements regarding future economic, industry or market conditions
or performance. Forward-looking statements are typically identified
by words or phrases such as “will,” “should,” “believe,” “expect,”
“anticipate,” “project,” “estimate,” “preliminary” and similar
expressions. Forward-looking statements speak only as of the date
they are made, and CSX undertakes no obligation to update or revise
any forward-looking statement. If CSX updates any forward-looking
statement, no inference should be drawn that CSX will make
additional updates with respect to that statement or any other
forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, and actual performance or results could differ
materially from that anticipated by any forward-looking statements.
Factors that may cause actual results to differ materially from
those contemplated by any forward-looking statements include, among
others; (i) CSX’s success in implementing its financial and
operational initiatives; (ii) changes in domestic or international
economic, political or business conditions, including those
affecting the transportation industry (such as the impact of
industry competition, conditions, performance and consolidation);
(iii) legislative or regulatory changes; (iv) the inherent business
risks associated with safety and security; (v) the outcome of
claims and litigation involving or affecting CSX; (vi) natural
events such as severe weather conditions or pandemic health crises;
and (vii) the inherent uncertainty associated with projecting
economic and business conditions.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
CSX Corporation (“CSX”) intends to file a proxy statement with
the U.S. Securities and Exchange Commission (the “SEC”) with
respect to the special meeting of shareholders. CSX
SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY
STATEMENT, THE ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
CSX, its directors, executive officers and other employees may
be deemed to be participants in the solicitation of proxies from
CSX shareholders in connection with the matters to be considered at
the special meeting, or any adjournment or postponement
thereof. Information about CSX’s directors and executive
officers, and their direct and indirect interests in CSX, is
available in CSX’s proxy statement, filed March 28, 2016 for its
2016 Annual Meeting. To the extent holdings of CSX’s
securities by such directors or executive officers have changed
since the amounts included in the 2016 proxy statement, such
changes have been or will be reflected on reports filed with the
SEC in accordance with the reporting requirements of Section 16 of
the Securities Exchange Act of 1934, as amended. More
detailed information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the proxy statement and
other materials to be filed with the SEC in connection with the
special meeting. Shareholders will be able to obtain any
proxy statement, any amendments or supplements to any proxy
statement and other documents filed by CSX with the SEC free of
charge at the SEC’s website at www.sec.gov. Copies also will
be available free of charge at CSX’s website at www.csx.com or
by contacting CSX Investor Relations at (904) 359-4812.
Contact:
Investors:
David Baggs
CSX Investor Relations
(904) 359-4812
Media:
Gary Sease, Corporate Communications
(904) 359-1719
Tom Johnson / Michael Pascale
Abernathy MacGregor
(212) 371-5999
tbj@abmac.com / mmp@abmac.com
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