The CSX Corporation is an American holding company focused on real estate and railways 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.
Video CSX Corporation
Subsidiaries and divisions
Current subsidiary companies
- CSX Transportation, Inc.
- CSX Intermodal Terminals, Inc.
- CSX Real Property, Inc.
- CSX Technology, Inc.
- Chessie Computer Service, Inc
- Cybernetics & Services, Inc.
- Total Distribution Services, Inc.
- TRANSFLO Corporation
- Fruit Growers Express
- CSX de Mexico
- Consolidated Rail Corporation (CONRAIL) (Shares ownership with Norfolk Southern)
- Winston-Salem Southbound Railway (Shares ownership with Norfolk Southern)
- Powerhouse Logistics
Divestitures and discontinued operations
- CSX Hotels, Inc.
- Greenbrier Hotel Corporation sold to Justice Family Group in 2009
- Sea-Land Corporation split into two shipping lines and a terminal operator:
- CSX Lines, LLC (Domestic liner, sold and renamed Horizon Lines, Inc.)
- Sea-Land Corporation (International liner, sold to the A. P. Moller-Maersk Group in 1999)
- CSX World Terminals, LLC (International Terminals business)
- SL Services, Inc. ("SLSI") sold to Dubai Ports International FZE ("DPI") in 2005
- 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.
- Energy and utilities
Maps CSX Corporation
Staff and management
The founding chairman of CSX Corporation was Prime F. Osborn III of Seaboard, 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. 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.
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. 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.
The following is a list of CSX management as of January 2018:
- Edward J. Kelly III, Chairman
- James M. Foote, President and Chief Executive Officer
- Frank A. Lonegro, Executive Vice President and Chief Financial Officer
- Mark K. Wallace, Executive Vice President and Chief Administrative Officer
- Nathan D. Goldman, Executive Vice President and Chief Legal Officer
- Edmond L. Harris, Executive Vice President of Operations
Finances
CSX Corporation's total equity was estimated at USD $9.136 billion in 2012, and that rose the following year to $10.504 billion. The value of the company's assets rose from $30.723 billion in 2012 to $31.782 billion in 2013. Total revenue equaled USD $12.026 billion in 2013, an increase from $11.763 billion the year before. Operating income was $3.464 billion in 2012 and $3.473 billion in 2013, while net income equaled $1.863 billion in 2012 and $1.864 billion in 2013. In 2014, annual net income again equaled around $1.86 billion.
See also
- History of railroads in Michigan
- List of CSX Transportation lines
- List of CSX Transportation predecessor railroads
- Railex (refrigerated rail service - CSX and Union Pacific Railroad)
References
External links
- CSX.com
Source of article : Wikipedia
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