CSX Corporation

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CSX Corporation
Public
Traded as NYSE: CSX
S&P 500 Component
Dow Jones Transportation
Industry Transport, real estate, technology
Founded 1980
Headquarters CSX Transportation Building
500 Water Street
Jacksonville, Florida, U.S.
Area served
 North America
Key people
 Michael Ward (Chairman, CEO)
Clarence Gooden (President)
Services Railroad Transport
USD $1.86 billion (2014)[1]
Number of employees
 36,005[citation needed]
Subsidiaries CSX Transportation, Fruit Growers Express, Conrail, etc.
Website CSX.com

CSX Corporation is an American holding company focused on real estate and railways in North America, among other industries. The company was formed in 1980 by the merger of Chessie System and Seaboard Coast Line Industries and eventually merged the various railroads owned by those predecessors into a single line that became known as 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. The chairman and CEO since 2003 is Michael J. Ward, while Clarence Gooden serves as president.[2]

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.[1] 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.[11] As of 2015, the twelve-member CSX board of directors includes Ward and politicians such as Senator John B. Breaux.[12]

The following is a complete list of CSX chief executives as of November 2015:[2]

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  • Michael J. Ward (Chairman, CEO) - After becoming president of CSX Transportation in 2000, he became CSX Corporation's chairman and CEO in 2003,[2] after 26 years at the company.[1] The chairman of the Association of American Railroads, he also is on the board of Ashland, Inc. and the American Coalition for Clean Coal Electricity, among other organizations. He is also a member of the Business Roundtable and the Florida Council of 100.[13]
  • Clarence W. Gooden (President) - Gooden became president in September 2015, "with responsibility for sales and marketing and operations." Gooden had previously worked as an executive VP and a chief sales and marketing officer.[2] Gooden had also served as president of CSX Intermodal from 1993 to 2001,[14] and in August 2015, the Intermodal Association of America (IANA) awarded Gooden the IANA Silver Kingpin Award, which recognizes "an individual’s long-term contributions to intermodalism."[14] Gooden had also previously served two terms on the IANA board of directors, and has also been active with the boards of TTX Corporation, the Jacksonville Museum of Modern Art, and the National Association of Manufacturers among others.[14]
  • Fredrik J. Eliasson (Executive VP, Chief Sales and Marketing Officer) - Appointed to his current roles in September 2015, Eliasson previously worked as CFO.[2]
  • Ellen M. Fitzsimmons (Executive VP of Law and Public Affairs, General Counsel) - Named executive vice president in 2012, she first became corporate general counsel at CSX in 1997, before becoming senior vice president of law and public affairs in 2003.[2]
  • Frank A. Lonegro (Executive VP, CFO) - Before he was appointed to his current roles in September 2015, he worked in various divisions such as technology, mechanical, and internal audit.[2]
  • Lisa A. Mancini (Senior VP, CAO) - Mancini took on the role of senior vice president in 2009, becoming chief administrative officer in 2011.[2]
  • Cindy Sanborn (Executive VP, COO) - Appointed to her current roles in September 2015, she had previously been appointed VP and chief transportation officer in 2009.[2]
  • Carolyn T. Sizemore (VP, Controller) - Sizemore became vice president and controller in 2002, after beginning to work with the company in 1989 and holding positions in diverse departments.[2]
  • Mike Pendergrass (VP, Chief Transportation Officer) - Appointed to his roles in February 2015, he "directs the daily operation of more than 1,200 trains over CSX’s eastern U.S. and Canadian network."[2]
  • Richard Hood (President of CSX Real Property Inc.) - After a decade as as assistant vice president to CSX's business unit services division, he became president of CSX Real Estate in 2014.[2]
  • Peter J. Shudtz (VP of Federal Regulation, General Counsel) - After joining CSX from Chessie Systems, he became general counsel to CXS in 1990, and since 2001, "Shudtz leads all activities related to regulatory matters and associated legal issues."[2]

Finances

CSX Corporation's total equity was estimated at USD $9.136 billion in 2012,[15] and that rose the following year to $10.504 billion.[16] The value of the company's assets rose from $30.723 billion in 2012[15] to $31.782 billion in 2013.[16] Total revenue equaled USD $12.026 billion in 2013,[15] an increase from $11.763 billion the year before.[15] Operating income was $3.464 billion in 2012[15] and $3.473 billion in 2013,[15] while net income equaled $1.863 billion in 2012[15] and $1.864 billion in 2013. [15] In 2014, annual net income again equaled around $1.86 billion.[1]

See also

References

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External links

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