CSX Corporation
How Tomorrow Moves. | |
Public | |
Traded as |
|
Industry | Transport, real estate, technology |
Founded | 1978 |
Headquarters |
CSX Transportation Building 500 Water Street Jacksonville, Florida, U.S. |
Area served | North America |
Key people |
Edward J. Kelly III[1] (Chairman) Hunter Harrison[1] (President and CEO) |
Services | Railroad Transport |
Revenue | US$11.8 billion (2015)[2] |
US$3.5 billion (2015)[3] | |
US$1.9 billion (2015)[4] | |
Total assets | US$35 billion (2015)[5] |
Total equity | US$11.6 billion (2015)[6] |
Number of employees | 29,000 (December 2015)[7] |
Subsidiaries | CSX Transportation, Fruit Growers Express, Conrail, Seaboard Coast Line, etc. |
Website | CSX.com |
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 1978 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
- CSX Transportation, Inc.[8]
- CSX Intermodal Terminals, Inc.[8]
- CSX Real Property, Inc.[8]
- CSX Technology, Inc.[9]
- Total Distribution Services, Inc.[8]
- TRANSFLO Corporation[8]
- Fruit Growers Express[10]
- CSX de Mexico[11]
- 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)[12]
- SL Services, Inc. (“SLSI”) sold to Dubai Ports International FZE (“DPI”) in 2005[13]
- 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.[14]
- Energy and utilities
Staff and management
The founding chairman of CSX Corporation was Prime F. Osborn III of Seaboard,[15] 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.[16] 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.[17] The company went through further 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, and that the company cut middle management, and that the company hire Hunter Harrison as CEO; the proposed package for Harrison was $300 million, which caused controversy.[18]
The following is a list of CSX management as of July 2017:
- Edward J. Kelly III, Chairman[1]
- Hunter Harrison, President and CEO[19]
- Fredrik J. Eliasson Executive Vice President, Chief Sales and Marketing Officer[19]
- Ellen M. Fitzsimmons, Executive Vice President of Law and Public Affairs, General Counsel and Corporate Secretary[19]
- Frank A. Lonegro, Executive Vice President and Chief Financial Officer[19]
- Cindy M. Sanborn, Executive Vice President and Chief Operating Officer[19]
- Mark K. Wallace, Executive Vice President of Corporate Affairs and Chief of Staff[19]
Finances
CSX Corporation's total equity was estimated at USD $9.136 billion in 2012,[20] and that rose the following year to $10.504 billion.[21] The value of the company's assets rose from $30.723 billion in 2012[20] to $31.782 billion in 2013.[21] Total revenue equaled USD $12.026 billion in 2013,[20] an increase from $11.763 billion the year before.[20] Operating income was $3.464 billion in 2012[20] and $3.473 billion in 2013,[20] while net income equaled $1.863 billion in 2012[20] and $1.864 billion in 2013. [20] In 2014, annual net income again equaled around $1.86 billion.[16]
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
- 1 2 3 "CSX Names E. Hunter Harrison as Chief Executive Officer" (Press release). CSX Corporation. 6 March 2017. Retrieved 12 May 2017.
- ↑ https://finance.yahoo.com/quote/CSX/financials?p=CSX
- ↑ https://finance.yahoo.com/quote/CSX/financials?p=CSX
- ↑ https://finance.yahoo.com/quote/CSX/financials?p=CSX
- ↑ https://finance.yahoo.com/quote/CSX/financials?p=CSX
- ↑ https://finance.yahoo.com/quote/CSX/financials?p=CSX
- ↑ https://www.csx.com/index.cfm/investors/sec-filings/?rptkey=&rptfrm=Annual%2520Filings&rptyr=2016
- 1 2 3 4 5 "CSX Company Organization". csx.com. Retrieved 2015-11-16.
- 1 2 3 "Employer Status Determination - CSX Technology, Inc." (PDF). Railroad Retirement Board. 1988. Retrieved 2015-11-16.
- ↑ "Consolidated Information for Revenue Adequacy Determination" (PDF). stb.dot.gov. 2009. Retrieved 2015-11-16.
- ↑ "CSX de Mexico". CSX Corporation. Retrieved 2015-11-16.
- ↑ "CSX Corporation 2004 Annual Report" (PDF). CSX Corporation. 2004. Retrieved 2015-11-16.
- ↑ "CSX Corporation 2008 Annual Report" (PDF). CSX Corporation. 2008. Retrieved 2015-11-16.
- ↑ "CSX to Sell Pipeline to Transco". New York Times. December 24, 1988. Retrieved 2015-11-16.
- ↑ "Prime F. Osborn III, 70, a railroad industry executive who founded CSX, has died". Orlando Sentinel. January 8, 1986. Retrieved 2015-11-16.
- 1 2 Kapadia, Reshma (February 22, 2014). "CSX Boss Has Been Working on the Railroad". Barron's. Retrieved 2015-11-16.
- ↑ "CSX: Munoz sheds wheels for wings; Gooden elevated to President". Railway Age. September 9, 2015. Retrieved 2015-11-16.
- ↑ "CSX Is Cutting 1,000 Managers and Losing Its CEO". Reuters via Fortune. February 22, 2017.
- 1 2 3 4 5 6 "Management Team". csx.com. Retrieved 2017-07-20.
- 1 2 3 4 5 6 7 8 "CSX CORP 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 12, 2014.
- 1 2 "CSX CORP 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 16, 2014.
External links
-
- Business data for CSX Corporation: Google Finance
- Yahoo! Finance
- Reuters
- SEC filings