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Mar
31

Judge dismisses CSX lawsuit over Alabama fuel tax

Rail News Home CSX Transportation 3/31/2017 Rail News: CSX Transportation
A U.S. District Court judge has dismissed a lawsuit this week that said the state of Alabama does not discriminate against railroads by requiring them to pay a diesel fuel sales tax while trucking and barge companies are exempt.CSX and three other railroads contended in 2008 lawsuits that Alabama's 4 percent diesel fuel tax on railroads was discriminatory because the state exempts motor and water carriers from paying the tax, according to a report on AL.com.On Wednesday, U.S. District Court Judge Abdul Kallon issued a decision that said the state did not violate the Railroad Revitalization and Regulatory Reform Act of 1976. He dismissed the lawsuit by CSX, which has been through the federal court system, including the U.S. Supreme Court, for nearly a decade.CSX is reviewing the court's decision and considering other options, CSX Manager of Media Relations Laura Phelps told AL.com in a prepared statement.The three other railroads' lawsuits have been stayed pending the outcome of CSX's lawsuit, according to the news report. Contact Progressive Railroading editorial staff. More News from 3/31/2017

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Mar
31

Judge dismisses CSX lawsuit over Alabama fuel tax

3/31/2017    

Rail News: CSX Transportation

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Mar
29

CSX to trim Stanley Yard operations, lay off 34 workers

Rail News Home CSX Transportation 3/29/2017 Rail News: CSX Transportation
CSX is reducing operations at its Stanley Yard in Toledo, Ohio, which will result in the elimination of 34 union positions, the Class I said yesterday.CSX is closing the Stanley classification hump yard as part of the company's "ongoing efforts to be more efficient and reduce operating costs," CSX spokeswoman Gail Lobin said in an email."The decision to make these reductions follows a review of Toledo-area operations," said Lobin. "CSX has determined that by changing the way rail-cars are sorted at Stanley Yard, it will be able to process trains more efficiently, which will result in better service to our customers."The yard will continue to reassemble trains with switching locomotives, which will leave about 40 employees working in Stanley, according to The Toledo Blade.The company expects 360 CSX employees will remain in the Toledo region, Lobin said.The Stanley Yard layoffs come as E. Hunter Harrison settles in as CSX's new chief executive officer. Harrison has said that his goal at CSX will be to reduce costs and increase efficiency. Contact Progressive Railroading editorial staff. More News from 3/29/2017

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Mar
29

CSX to trim Stanley Yard operations, lay off 34 workers

3/29/2017    

Rail News: CSX Transportation

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Mar
14

Project update: CSX's Virginia Avenue Tunnel

Rail News Home CSX Transportation March 2017 Rail News: CSX Transportation

The two new Virginia Avenue tunnels will converge at the new structure’s west end. A 300-foot portion of the old tunnel was demolished to accommodate work on the first new tunnel.Photo – CSX By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing EditorCSX’s multiyear effort to eliminate a major rail chokepoint and modernize aging infrastructure in Washington, D.C., has just passed the halfway point. That milestone moves the Virginia Avenue Tunnel reconstruction project a bit closer to an anticipated mid-2018 completion.The $250 million, 42-month project calls for replacing a 3,800-foot, single-track tunnel built beneath Virginia Avenue in southeast Washington more than a century ago with two larger one-track tunnels to accommodate double-stack trains. Work began in May 2015 and the first of two planned phases was completed in late 2016.Originally constructed in 1872 by the Baltimore and Potomac Railroad, the tunnel was rebuilt in 1906. The 18.7-foot-tall tunnel needs to be replaced because it’s near the end of its useful life, has cracked masonry and a deteriorating drainage system, and regularly floods during heavy rains. Plus, its single track causes extensive congestion for both freight and commuter trains.The new 4,100-foot-long, 21-foot-tall tunnels will improve the fluidity of freight and passenger trains on one of the region’s busiest rail lines; lessen the impact of freight trains on passenger-rail service by providing two-way traffic; ease highway congestion; and reduce the risk of rail service disruptions caused by flooding and other severe weather, according to CSX.The commonwealth of Virginia provided $24 million for the project, with remaining costs to be covered by the Class I. Virginia officials opted to contribute funds because state ports could gain improved freight-rail access to interior markets and truck traffic could be reduced on interstates 81 and 95, says CSX spokesman Rob Doolittle.In addition, eliminating the single-track bottleneck will help both Virginia Railway Express and Amtrak, which approach the District’s Union Station from the south on the same mainlines that extend through the tunnel, he says. The project’s first phase — a newly built southern tunnel with track — was completed in December 2016, a month ahead of schedule. CSX moved the first double-stack train through the structure two days before Christmas.A critical ‘Gateway’ componentThe entire tunnel will cap off 61 clearance projects that needed to be completed for CSX’s National Gateway, a double-stack corridor the Class I has been developing the past several years between Mid-Atlantic ports and the Midwest via an $850 million public-private partnership. The gateway provides the railroad a more efficient and environmentally friendly route for moving double-stack trains, says Chuck Gullakson, CSX’s assistant vice president-National Gateway and chief project engineer for the Virginia Avenue Tunnel reconstruction.For example, the first train that moved through the new higher southern tunnel was able to carry more containers between Portsmouth, Va., and CSX’s large intermodal terminal in North Baltimore, Ohio.“This tunnel was critical for us,” says Gullakson.Now, finishing the second phase is crucial to fully garnering the reconstructed tunnel’s benefits. Construction and engineering work for the entire project is being managed by joint venture (JV) partners Clark Construction Group LLC and Parsons Transportation Group through a design-build contract.The second phase involves demolishing the remaining sections of the existing tunnel’s roof and south wall and constructing a new 4,100-foot, cut-and-cover north tunnel; building an additional track; backfilling the trench; removing temporary bridges; and permanently relocating numerous water, sewer, electric, communications and gas utilities. Cut and cover is a construction method for shallow tunnels in which a trench is excavated and roofed over with a sturdy overhead support system.During the project’s first phase, the JV team demolished about 300 feet of the tunnel’s south wall and roof to accommodate the new south track; built the 4,100-foot, cut-and-cover south tunnel in a trench up to 50 feet deep adjacent to the existing tunnel; and completed six temporary roadway bridges to maintain ongoing north-south vehicular and pedestrian traffic.
The Virginia Avenue Tunnel covers a 10-block, heavily populated area in southeastern Washington, D.C.
(Click to view larger.) Source – CSXWhen the project’s completed in summer 2018, there will be a single two-track portal at the west end — the two tunnels will merge into one for about 300 feet due to the existing configuration of highway-bridge piers and other existing infrastructure. At the east end, the two tunnels will follow different paths to accommodate the 11th Street bridge highway piers.The tunnels will split into two structures about 1,000 feet west of the portals. Over the remaining 2,800 feet, the two separate tunnels will share a common center wall, which will be built with steel-and-concrete pilings drilled 40 to 50 feet into the ground.Underground movementThe biggest construction challenge thus far: coordinating and clearing the relocation of many utilities in a 200-year-old, densely urban environment that includes seven busy streets and hundreds of residents in a 10 city-block area, says Gullakson.Utility relocations during the first phase involved two complex interfaces with sanitary sewers and the lowering of a combined sewer by 11 feet, says Phil Sheridan, a senior vice president for Clark Construction subsidiary Clark Civil LLC. Excavation work uncovered a surprise, as well — portions of the original tunnel that were abated, but never removed from the site, when a realignment was completed in the early 1900s, he says.Utility work in the second phase will be less onerous, involving six instead of 23 relocations, says Sheridan. “But we will need to build larger temporary road bridges,” he says.The JV team also will need to continue performing work without interrupting CSX’s operations. About 20 freight trains travel through the tunnel daily, plus there are train operations adjacent to it. So, crews must perform tasks in between trains, says Sheridan. The first tunnel was built parallel to the old tunnel so trains weren’t disrupted.Phase two likely will conclude two-and-a-half months ahead of schedule, says Sheridan. As of last month — the 21st month in the 42-month schedule — major tunnel demolition work was slated to start at February’s end and concrete work in the second tunnel was pegged to begin in April.A lot of material already has been moved and many tasks have been accomplished during the project’s first half. As of Jan. 1, 20,900 truckloads of dirt had been excavated, 50,000 cubic yards of concrete had been poured and 1,913 of a required 2,250 pilings had been drilled.After the tunnels are finished, the JV team will need to complete restoration and other related work. CSX agreed to provide the following post-project neighborhood enhancements: improvements to Garfield Park; enhancements to Virginia Avenue Park, including a new dog park; a straightened alignment of Virginia Avenue SE; improved street lighting; and new green space and landscaping, with additional trees, brick sidewalks and granite curbs.Need to be a good neighborThe Class I has tried to mind residents’ concerns during construction, says Gullakson. The railroad has monitored air, noise and vibrations, logging a total of 11,312 hours for those activities as of Jan. 1. In addition, the JV team has employed a closed-trench method during tunnel construction to improve safety, implemented measures to control dust and tried to limit work hours. Pilings are being drilled instead of driven to reduce vibration, says Gullakson.In addition, since the project’s initial stages, a community office has been open to deal with local issues and the railroad has been in constant contact with residents via emails, text messages, phone calls and alerts hung on front doors, he says. As of Jan. 1, CSX had logged nearly 79,000 such contacts with locals.“We want to be the best neighbor for the community,” says Gullakson. “We try to be proactive.”CSX also has tried to employ a take-charge approach to ensuring there’s enough capacity to meet its traffic-growth goals. The new double-stack-height Virginia Avenue Tunnel should play a key role in accommodating higher intermodal flows along the National Gateway come mid-2018 and beyond, Gullakson believes.“The tunnel will be built according to our traffic needs,” he says.Email questions or comments to This email address is being protected from spambots. You need JavaScript enabled to view it.Work Performed by Major Subcontractors for Virginia Avenue Tunnel Project:•Cast-in-place tunnel and retaining walls/Tiber Creek bridge/precast erection — Clark Civil LLC, a Clark Construction Group LLC subsidiary, Bethesda, Md.•Tunnel concrete — Clark Concrete, a Clark Construction Group subsidiary, Bethesda, Md.•Excavation support — Clark Foundations, a Clark Construction Group subsidiary, Bethesda, Md.•Excavation/backfill — Metro Earthworks LLC, a division of Shirley Contracting Co. LLC, Lorton, Va.•Tunnel electricity and security — C3M Power Systems, a Clark Construction Group subsidiary, Bethesda, Md.•Roadway reconstruction — Metro Paving Corp., Hyattsville, Md.•Reinforcing installation — Wings Enterprises Inc., Washington, D.C.•Trackwork and track drainage — Delta Railroad Construction Inc., Ashtabula, Ohio•Waterproofing — AndieMac Waterproofing & Restoration, Fulton, Md.Source: CSX and JV Partners

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Mar
10

From the editor: On the new road to the new CSX of tomorrow

Rail News Home CSX Transportation March 2017 Rail News: CSX Transportation

When Canadian Pacific announced on Jan. 18 that E. Hunter Harrison would retire as CEO effective Jan. 31 so he could “pursue opportunities” at other railroads, I figured we’d be buckling up for a circuitous, if not bumpy, ride. Particularly when reports circulated that Harrison was joining with activist investor Paul Hilal and his hedge fund Mantle Ridge LP in an attempt to shake up management at CSX Corp. So far, there’ve been no bumps. The headlines have come quickly and without nuanced language:• Feb. 10: The CSX board extended the deadline to Feb. 24 to nominate directors and propose other business to be considered at its annual meeting. • Feb. 14: The CSX board called for a special shareholders meeting to seek guidance on certain Mantle Ridge/Harrison proposals, including one that would make Harrison CEO. • Feb. 21: CSX announced Chairman and CEO Michael Ward and President Clarence Gooden would retire May 31. Chief Sales and Marketing Officer Fredrik Eliasson was appointed president.• Feb. 21: CSX announced it would eliminate about 1,000 management employees “through an involuntary separation program” to be completed by mid- to late March.• Feb. 23: CSX extended the deadline for board nominations to March 10.As this issue went to press in early March, I wasn’t hearing predictions of any twists in what appears to be a new road to a new CSX of tomorrow. As Robert W. Baird & Co. Inc.’s Benjamin Hartford put it in a Feb. 27 report: “We believe all constituents remain committed to an amicable process.”Amicable doesn’t mean bump-less, so we’ll be watching and listening as the constituents commit to that process — and as strategists outside CSX amble up to the North American railroad map and think, perhaps out loud, about what’s next. Perhaps then we’ll buckle up.Innovation and filling cybersecurity gapsOn Feb. 22, Progressive Railroading and Secure Rail 2017 hosted a webcast titled “Rail Cyber Needs Innovation: How to Build a Program to Get It.” The presenter: Jim McKenney, CSX Corp.’s solutions architect-operational technology.McKenney discussed how products can create gaps in technology that leave operating environments open to cyber threats; explained how to build a program that fosters innovation as a way to fill cybersecurity gaps; and detailed a pilot program he developed at CSX — “Cyber Go Forward” — designed to accomplish these goals. To view and listen to his presentation, check out our webcast archive: www.progressiverailroading.com/webcasts.McKenney also will speak at our Secure Rail conference, which will be held April 5-6 at the Rosen Plaza Hotel in Orlando, Fla. For more information or to register, visit: www.securerailconference.com
Keywords Browse articles on CSX Canadian Pacific Hunter Harrison Michael Ward cybersecurity Secure Rail Contact Progressive Railroading editorial staff.

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Mar
09

CSX, Schneider seal new intermodal agreement

Rail News Home CSX Transportation 3/9/2017 Rail News: CSX Transportation
Schneider and CSX have agreed to extend their intermodal service agreement.Photo – Schneider

CSX and Schneider have reached a new multiyear agreement in which the Class I will continue to serve as one of Schneider's primary rail providers.

The agreement enables Schneider to serve the eastern United States as demand for intermodal transportation increases, Schneider officials said Tuesday in a press release.

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Mar
09

CSX, Schneider seal new intermodal agreement

3/9/2017    

Rail News: CSX Transportation

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Mar
07

CSX hires Harrison as CEO

Rail News Home CSX Transportation 3/7/2017 Rail News: CSX Transportation
E. Hunter HarrisonPhoto –

CSX Corp. has named E. Hunter Harrison chief executive officer, effective immediately, the Class I announced yesterday.

Harrison is the former CEO of Canadian Pacific and CN. At CSX, he succeeds Michael Ward, who last month announced his decision to retire as chairman and CEO. Ward will serve CSX as a consultant until he retires on May 31.

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Mar
07

CSX hires Harrison as CEO

3/7/2017    

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Feb
24

CSX extends nomination deadline to March 10

Rail News Home CSX Transportation 2/24/2017 Rail News: CSX Transportation
CSX Corp. has extended the deadline for board nominations to March 10, the company confirmed yesterday.The announcement marks the second time the Class I has extended the deadline this year for nominations to serve on the board. The action comes as the railroad faces proposals from hedge fund Mantle Ridge LP that include installing former Canadian Pacific Chief Executive Officer E. Hunter Harrison as CSX's next CEO.CSX announced last week that it will schedule a special meeting for shareholders to consider the proposals. Earlier this week, the company announced that Chairman and CEO Michael Ward and President Clarence Gooden will retire May 31. Chief Sales and Marketing Officer Fredrik Eliasson has been appointed president.Also this week, CSX said that it will eliminate about 1,000 management employees through an "involuntary separation program" that will be completed next month. Contact Progressive Railroading editorial staff. More News from 2/24/2017

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Feb
24

CSX extends nomination deadline to March 10

2/24/2017    

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Feb
22

CSX to cut 1,000 management jobs

Rail News Home CSX Transportation 2/22/2017 Rail News: CSX Transportation
CSX Corp. yesterday announced it will eliminate about 1,000 management employees "through an involuntary separation program" that will be completed by mid- to late March.Enhanced separation benefits will be offered to those losing their jobs. A majority of the affected employees work in Jacksonville, Fla., across multiple locations and subsidiaries. However, some work in CSX's field organization will be affected, said company spokesman Gary Sease in an email."Upon further study and evaluation, we will know both the Jacksonville and field management employee impact," Sease said.CSX's headquarters is located in Jacksonville.The job cuts were announced at the same time CSX's board has been involved in discussions with hedge fund Mantle Ridge LP and former Canadian Pacific Chief Executive Officer E. Hunter Harrison about proposals that include Harrison becoming CEO of CSX. The board has scheduled a special shareholders' meeting to consider the proposals.Also yesterday, CSX announced that its Chairman and CEO Michael Ward and President Clarence Gooden will retire effective May 31. Chief Sales and Marketing Officer Fredrik Eliasson has been appointed president effective Feb. 15, replacing Gooden, who will assume the role of vice chairman until his retirement.Eliasson will maintain his current responsibilities in the new position. The changes are part of a senior leadership transition that CSX's board has been considering for more than a year, company officials said. Contact Progressive Railroading editorial staff. More News from 2/22/2017

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Feb
22

CSX to cut 1,000 management jobs

2/22/2017    

Rail News: CSX Transportation

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Feb
21

CSX's Ward, Gooden to retire May 31; Eliasson named president

Rail News Home CSX Transportation 2/21/2017 Rail News: CSX Transportation
CSX Chairman and CEO Michael WardPhoto – CSX Corp.

CSX Corp. announced today that Chairman and Chief Executive Officer Michael Ward and President Clarence Gooden will retire from the company effective May 31. Chief Sales and Marketing Officer Fredrik Eliasson has been appointed president effective Feb. 15, replacing Gooden, who will assume the role of vice chairman until his retirement.

Eliasson will maintain his current responsibilities in his new position. The changes are part of a senior leadership transition that CSX's board has been considering for more than a year, according to a company press release.

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Feb
21

CSX's Ward, Gooden to retire May 31; Eliasson named president

2/21/2017    

Rail News: CSX Transportation

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Feb
17

Mantle Ridge responds to CSX's call for shareholders' meeting

Rail News Home CSX Transportation 2/17/2017 Rail News: CSX Transportation
Mantle Ridge LP responded yesterday to CSX's call for a special shareholders' meeting to discuss the hedge fund's proposals, which include installing former Canadian Pacific Chief Executive Officer E. Hunter Harrison as the next CEO of CSX.Mantle Ridge CEO Paul Hilal wrote to CSX's board to comment on a CSX press release reported earlier this week that described the state of negotiations between the parties and the railroad's call for the special meeting. In his letter, Hilal took issue with some of the railroad's views of certain issues discussed as part of the negotiations.CSX responded last night by saying the board will carefully review Hilal's letter. "As demonstrated by our recent actions, the CSX board of directors is always willing to engage in constructive dialogue with our shareholders and to consider their views on our company's business and strategy," CSX's latest press release stated. Contact Progressive Railroading editorial staff. More News from 2/17/2017

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Feb
17

Mantle Ridge responds to CSX's call for shareholders' meeting

2/17/2017    

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Feb
15

CSX shareholders to meet to consider Mantle Ridge, Harrison proposals

Rail News Home CSX Transportation 2/15/2017 Rail News: CSX Transportation
CSX Corp.'s board yesterday called for a special meeting of shareholders to seek guidance on certain proposals by hedge fund Mantle Ridge LP and former Canadian Pacific Chief Executive Officer E. Hunter Harrison, including a proposal that Harrison take over CSX as CEO.CSX and Mantle Ridge officials met in recent weeks to discuss Harrison's interest in becoming CEO of CSX, which already had been in CEO succession discussions and was planning to make an announcement, according to a CSX press release. Upon learning of Harrison's interest in leading CSX, the company's board quickly engaged in extensive discussions with him and Mantle Ridge because of Harrison's "notable experience and accomplishments," CSX officials said.However, the two sides have yet to reach an agreement, according to CSX."It became apparent that CSX would be unable to retain Mr. Harrison unless it acceded to Mantle Ridge's requests with respect to the composition of the CSX Board and the governance of CSX, in addition to agreeing to Mr. Harrison’s terms of employment at a total cost which CSX estimates to exceed $300 million," CSX officials said.The Class I has made several proposals to Harrison and Mantle Ridge, including the following:
• Harrison would be appointed as CEO of CSX with compensation that fully reflects Mr. Harrison’s experience and accomplishments, replacing Michael Ward, who would retire as Chairman and CEO;
• Harrison, Mantle Ridge CEO Paul Hilal and three other individuals (to be mutually agreed) would be appointed to CSX's board;
• four incumbent CSX directors would retire over the next three years;
• the chairman and committee composition would be determined by the new board; and
• there would be no standstill agreement between CSX and Mantle Ridge.Mantle Ridge, which owns about 4.9 percent of CSX stock, has not accepted those proposals, CSX officials said. With respect to Harrison's employment, CSX estimates that the aggregate value of the requested compensation package, including the requested reimbursement and tax indemnity, exceeds $300 million, they added.According to CSX, the details of Harrison's requested employment package would look like this:
• CSX would pay $84 million to fund Harrison’s obligation to reimburse Mantle Ridge for compensation and benefits he chose to forego at CP, which Mantle Ridge had previously agreed to cover, and would assume a related tax indemnity provided by Mantle Ridge to Harrison. Mantle Ridge has described the cost of the tax indemnity to be "as much as a few tens of millions" of dollars. CSX would also reimburse Mantle Ridge for a $2 million annual consulting agreement with Harrison.
• CSX would enter into a four-year employment agreement with Harrison providing, among other things, an immediate equity award, such as an option, covering 1 percent of CSX's outstanding common stock, at least half of which would not be subject to performance measures of any kind and would vest upon Harrison's death or disability, his resignation for "good reason" or his termination for poor performance, subject to performance metrics on the performance portion of the award. The proposed employment agreement provided by Harrison includes as an illustrative example a stock option with a present value, as stated in the proposed agreement, of $159.5 million.
• Harrison would also receive an annual base salary of $2.2 million, a target bonus of 120 percent of base salary, with a minimum bonus of $2.64 million for 2017, extensive benefits and severance protections as well as housing in Jacksonville, Fla., and be eligible to participate in CSX's incentive programs, including long-term incentive ones. The average nominal value of the long-term incentive awards granted to CSX's CEO during the last three years was approximately $7.67 million per year.
• The proposed employment agreement omits customary non-compete and employee non-solicit covenants. The proposed employment agreement also would require CSX to assume responsibility for non-compete and employee non-solicit obligations owed by Harrison to CP, which could restrict CSX's conduct, including the entry into potential mergers; and
• Harrison has declined CSX’s request that an independent physician designated by the CSX Board conduct a pre-hire review of Harrison's medical records.With respect to governance matters, CSX said that Mantle Ridge has insisted that:
• Ward would retire as CEO and chairman immediately.
• Mantle Ridge would designate six of 14 directors on the reconstituted CSX Board, including Hilal and Harrison.
• Three incumbent CSX directors, in addition to Ward, would retire from the CSX Board effective as of CSX's 2017 annual meeting, and Edward Kelly III, CSX's presiding director, would retire from the CSX board in 2018, leaving at that point seven incumbent CSX directors. Director John Breaux would be ineligible to stand for re-election, under CSX's current director age limitations, after CSX’s 2018 annual meeting. At that time, the number of incumbent CSX directors would drop from seven to six.
• Kelly would serve as CSX chairman for one year, with Hilal as vice chairman. Hilal would succeed Kelly as chairman.
• Mantle Ridge would select the chairs of CSX's compensation committee and governance committee, and would have "heavy" representation on these committees and representation on all other CSX committees.
• To account for Harrison's age, CSX would amend its bylaws to permit any director who is younger than the current director age limitation (i.e., 75 years of age) when first elected to continue to serve as a director for up to five consecutive one-year terms.CSX described its concerns with Harrison's and Mantle Ridge's proposals:
• First, the CSX board believes that the governance requests would grant effective control of CSX to a less than 5 percent shareholder, which would be receiving additional benefits from CSX that may substantially exceed $100 million.
• Second, the economic costs of Harrison's and Mantle Ridge's employment-related proposals are extraordinary in scope and structured largely as an upfront payment and as equity grants that would be payable to Harrison upon his death or disability with only a portion of the equity grant including any performance metrics. The CSX board believes such an employment arrangement for an incoming CEO is "exceptionally unusual if not unprecedented.""In light of the unusual circumstances surrounding Mantle Ridge's approach the CSX board has decided to seek guidance from shareholders on whether CSX should agree to Mr. Harrison's and Mantle Ridge's proposals," CSX officials said. At the special meeting, each shareholder will be asked to vote on whether he or she approves of the employment arrangements and governance arrangements as proposed by Harrison and Mantle Ridge.The record date for the special meeting will be March 16. As a result of the special meeting, the board will defer scheduling the CSX annual meeting of shareholders, which CSX officials anticipate will occur after the special meeting.In response to CSX's call for a special meeting, Hilal issued the following statement: "We are pleased that CSX agrees that change is needed, and note that CSX enjoyed a $10.4 billion increase in market value since Jan. 18, 2017, reflecting optimism that Mr. Harrison may join as chief executive officer, and effect a transformation of CSX to a precision scheduled railroading model. We have been engaged in constructive dialogue with CSX's board for several weeks."While we had hoped to reach a negotiated agreement, we appreciate that CSX shareholders will have the opportunity to make their voices heard on the optimal governance and compensation structure that will create the conditions for a successful transformation. We remain fully confident in a favorable outcome for CSX and its shareholders and are excited for the future."Harrison added: "If we create the right conditions for success, we have the best chances for success." Contact Progressive Railroading editorial staff. More News from 2/15/2017

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Feb
15

CSX shareholders to meet to consider Mantle Ridge, Harrison proposals

2/15/2017    

Rail News: CSX Transportation

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