Railroad News

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

CSX yesterday announced two senior appointments: Farrukh Bezar as senior vice president of marketing, and Arthur Adams as VP of merchandise sales.

The appointments were made to underscore the company's focus on leveraging its operating model and service product to increase growth in the merchandise segment, CSX officials said in a press release.

CSX yesterday announced the appointments of Kevin Boone as executive vice president and chief financial officer, and Jamie Boychuk as EVP of operations.

Boone was named interim CFO in May. He joined CSX in 2017 as VP of corporate affairs and chief investor relations officer, then was appointed VP of marketing and strategy to lead research and data analysis to advance growth strategies. He has more than 18 years of experience in finance, mergers and acquisitions, and accounting, primarily focused on the transportation and industrial sectors.

CSX yesterday unveiled its Spirit of our Law Enforcement commemorative locomotive at the Class I's locomotive shop in Huntington, West Virginia.

The CSXT 3194 was renamed to honor the nation's police officers. The unit joins the railroad's collection of Pride In Service locomotives launched this spring: the Spirit of Our Armed Forces and the Spirit of our First Responders.

CSX and Alabama Power are contributing $5 million toward improvements to the South Alabama Mega Site for industrial development.

The contribution will help pay for a new CSX rail spur off the rail line that runs along the site's southern border, according to a report by the Alabama NewsCenter, a website operated by Alabama Power.

Maryland Gov. Larry Hogan yesterday announced the state will receive a $125 million Infrastructure For Rebuilding America Program grant from the U.S. Department of Transportation that will enable the long-planned Howard Street Tunnel project to start soon in Baltimore.

To be conducted in partnership with CSX, the more than $450 million project calls for eliminating height restrictions in the 121-year-old tunnel to allow double-stack trains to move to and from the Port of Baltimore. The work will create double-stack clearance in the tunnel and under 22 bridges between Baltimore and Philadelphia.

CSX has been recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD).

The Class I scored 100 percent on the 2019 Disability Equality Index (DEI), which serves as the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices and community engagement, according to the Disability:IN website.

CSX's second-quarter revenue fell 1 percent to $3.06 billion compared with the previous year's quarter, as merchandise growth was offset by intermodal weakness, the Class I announced yesterday.

The railroad posted Q2 net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same quarter last year, CSX officials said in a press release.

Effective June 1, CSX will increase the authorized speed of freight trains by 15 mph at multiple locations on its line from Montgomery, Alabama, to Waygross, Georgia. 

The increase from 25 mph to a maximum 40 mph will help reduce wait times for motorists at highway-rail intersections and improve the efficiency of rail operations, CSX officials said in a press release. 

CSX Corp. has appointed Farrukh Bezar senior vice president and chief strategy officer as of May 29.

Bezar joins CSX with more than 25 years of strategic leadership in transportation and logistics. Most recently, he served as founder and managing partner of Lynwood Partners, a transportation and logistics advisory firm.

CSX yesterday posted record results for the first quarter, including an operating ratio (OR) that fell below 60 percent.

Net income during the quarter soared 20 percent to $834 million, or $1.02 per share, versus $695 million, or 78 cents per share a year ago.

CSX has created a new marketing team focused on research and analytics and has expanded its sales team in order to drive “sustainable, profitable growth," company officials announced yesterday.

As part of the restructuring of sales and marketing, CSX will add two new vice presidents and increase its focus on port and short-line development, CSX officials said in a press release.

Maryland state officials applied for a federal Infrastructure for Rebuilding America (INFRA) grant to help fund the rebuilding of the Howard Street rail tunnel in Baltimore, Gov. Larry Hogan announced yesterday.

The governor's announcement and grant application to the U.S. Department of Transportation follows his administration's year-long negotiations with CSX to restore the state and CSX partnership to rebuild the tunnel, state officials said in a press release.

[Editor's note: This story has been updated to include a statement from CSX.]

New York Gov. Andrew Cuomo is threatening legal action against CSX if the Whitesboro rail bridge in Oneida County is not rebuilt.