CSX Corporation is an American

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

focused on

rail transportation Rail transport (also known as train transport) is a means of transport that transfers passengers and goods on wheeled vehicles running on rails, which are incorporated in Track (rail transport), tracks. In contrast to road transport, where the ...

and

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

in North America, among other industries. The company was established in 1980 as part of the

Chessie System Chessie System, Inc. was a holding company that owned the Chesapeake and Ohio Railway (C&O), the Baltimore and Ohio Railroad (B&O), the Western Maryland Railway (WM), and Baltimore and Ohio Chicago Terminal Railroad (B&OCT). Trains operated unde ...

and

Seaboard Coast Line Industries Seaboard Coast Line Industries, Inc., incorporated in Delaware on May 9, 1969, was a railroad holding company that owned the Seaboard Coast Line Railroad, its subsidiary Louisville and Nashville Railroad, and several smaller carriers. Its railroa ...

merger. 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 CSX Transportation. CSX Corporation currently has a number of subsidiaries beyond CSX Transportation. Previously based in Richmond, Virginia after the merger, the corporation moved its headquarters to

Jacksonville, Florida Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the List of United States cities by area, largest city by area in the contiguous United States as of 2020. It is the co ...

, in 2003. CSX is a Fortune 500 company.

Subsidiaries and divisions

CSX Transportation

CSX Transportation is a

Class I railroad In the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, st ...

operating in the eastern

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

and the Canadian provinces of

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...

and

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...

. The railroad operates approximately 21,000 route miles (34,000 km) of track. As of December 30, 2016, CSX Transportation served population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. Also as of that date, it had access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway.

Conrail

Conrail was the primary

in the Northeastern United States between 1976 and 1999. The trade name Conrail is a

portmanteau A portmanteau word, or portmanteau (, ) is a blend of wordscontinues to do business as an asset management and network services provider in three Shared Assets Areas that were excluded from the division of its operations during its acquisition by CSX Corporation and the Norfolk Southern Railway. The federal government created Conrail to take over the lines of multiple

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

carriers, including the

Penn Central Transportation Company The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and th ...

and

Erie Lackawanna Railway The Erie Lackawanna Railway , known as the Erie Lackawanna Railroad until 1968, was formed from the 1960 merger of the Erie Railroad and the Delaware, Lackawanna & Western Railroad. The official motto of the line was "The Friendly Service Route" ...

. After railroad regulations were lifted by the 4R Act and the Staggers Act, Conrail began to turn a profit in the 1980s and was privatized in 1987. The two remaining

s in the

East East or Orient is one of the four cardinal directions or points of the compass. It is the opposite direction from west and is the direction from which the Sun rises on the Earth. Etymology As in other languages, the word is formed from the fac ...

, CSX Transportation and the Norfolk Southern Railway (NS), agreed in 1997 to acquire the system and split it into two roughly-equal parts (alongside three residual shared-assets areas), returning rail freight competition to the Northeast by essentially undoing the 1968 merger of the Pennsylvania Railroad and

New York Central Railroad The New York Central Railroad was a railroad primarily operating in the Great Lakes and Mid-Atlantic regions of the United States. The railroad primarily connected greater New York and Boston in the east with Chicago and St. Louis in the Mid ...

that created Penn Central. Following approval by the Surface Transportation Board, CSX and NS took control in August 1998, and on June 1, 1999 began operating their respective portions of Conrail. The old company remains a jointly-owned subsidiary, with CSX and NS owning respectively 42 percent and 58 percent of its stock, corresponding to how much of Conrail's assets they acquired. Each parent, however, has an equal voting interest. The primary asset retained by Conrail is ownership of the three Shared Assets Areas in

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Philadelphia Philadelphia, often called Philly, is the List of municipalities in Pennsylvania#Municipalities, largest city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, the List of United States cities by population, sixth-largest city i ...

, and

Detroit Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at t ...

. Both CSX and NS have the right to serve all shippers in these areas, paying Conrail for the cost of maintaining and improving trackage. They also make use of Conrail to perform switching and terminal services within the areas, but not as a common carrier, since contracts are signed between shippers and CSX or NS. Conrail also retains various support facilities including maintenance-of-way and training, as well as a 51 percent share in the

Indiana Harbor Belt Railroad The Indiana Harbor Belt Railroad is a Class III railroadSurface Transportation BoardThe Belt Railway Company of Chicago -- Trackage Rights Exemption -- Indiana Harbor Belt Railroad Company January 9, 2002 in the United States. Ownership The IHB ...

Winston-Salem Southbound Railway

The Winston-Salem Southbound Railway is a

short-line railroad :''Short Line is also one of the four railroads in the American version of the popular board game Monopoly, named after the Shore Fast Line, an interurban streetcar line.'' A shortline railroad is a small or mid-sized railroad company that oper ...

jointly held by CSX Transportation and the Norfolk Southern Railway, which provides it with equipment. It connects with Norfolk Southern at the north end in Winston-Salem, CSX at the south end in Wadesboro, and in between with NS at Lexington and

Whitney Whitney may refer to: Film and television * ''Whitney'' (2015 film), a Whitney Houston biopic starring Yaya DaCosta * ''Whitney'' (2018 film), a documentary about Whitney Houston * ''Whitney'' (TV series), an American sitcom that premiered i ...

, the subsidiary High Point, Thomasville and Denton Railroad at High Rock, and the

Aberdeen, Carolina and Western Railway The Aberdeen, Carolina and Western Railway is a short-line railroad running from Aberdeen to Star, North Carolina. It was incorporated in 1987 and operates on a former Norfolk Southern Railway branch line. It also leases track from Norfolk Sout ...

at Norwood. Originally owned jointly by the

Atlantic Coast Line Railroad The Atlantic Coast Line Railroad was a United States Class I railroad formed in 1900, though predecessor railroads had used the ACL brand since 1871. In 1967 it merged with long-time rival Seaboard Air Line Railroad to form the Seaboard Coast L ...

and Norfolk and Western Railway, predecessors to CSX and NS, it was completed in November 1910.Edward A. Lewis, American Shortline Railway Guide, 5th Edition,

Kalmbach Publishing Kalmbach Media (formerly Kalmbach Publishing Co.) is an American publisher of books and magazines, many of them railroad-related, located in Waukesha, Wisconsin. History The company's first publication was ''The Model Railroader'', which be ...

, 1996, pp. 149, 339 Commodities commonly carried by the railroad are grain, sand, gravel, stone, forest products, paper products, coal, coke, cement, clay fertilizer, aluminum, chemicals, iron, and steel. Its principal shippers are Corn Products Company of Winston-Salem, a manufacturer of corn syrup and related products, and Owens Brockway Glass Company of Eller, a manufacturer of glass products.

P&L Transportation, Inc.

Formerly Four Rivers Transportation, Inc., P&L is based in

Wilmington, Delaware Wilmington (Lenape: ''Paxahakink /'' ''Pakehakink)'' is the largest city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish settlement in North America. It lies at the confluence of the Christina ...

. It is a railroad

in the

. It is jointly owned by the management of the P&L Railway, as well as CSX Corporation, the latter of which holds a majority.

Geographic divisions

CSX is organized into two operating regions: the West Region and the East Region. Each primary region is divided into two sub-regions:

East

*Northeast Region, based in Baltimore, Maryland *South Region, based in Waycross, Georgia

West

*Midwest Region, based in Cincinnati, Ohio *Southwest Region, based in Nashville, Tennessee

Other subsidiaries

* Fruit Growers Express *CSX Intermodal Terminals *CSX Real Property *CSX Technology *Chessie Computer Service *Cybernetics & Services *Total Distribution Services *TRANSFLO Corporation *CSX de Mexico *Powerhouse Logistics

History

CSX Corporation was formed on November 1, 1980, by combining the railroads of the former

with

. The name came about during merger talks between Chessie System and SCL, commonly called "Chessie" and "Seaboard". The company chairmen said it was important for the new name to include neither of those names because it was a partnership. Employees were asked for suggestions, most of which consisted of combinations of the initials. At the same time, a temporary shorthand name was needed for discussions with the Interstate Commerce Commission. "CSC" was chosen but belonged to a trucking company in

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

. "CSM" (for "Chessie-Seaboard Merger") was also taken. The lawyers decided to use "CSX", and the name stuck. In the public announcement, it was said that "CSX is singularly appropriate. C can stand for Chessie, S for Seaboard, and X, which actually has no meaning." However, an August 9, 2016, article on the ''Railway Age'' website stated that " ... the 'X' was for 'Consolidated' ". The T had to be added to CSX when used as a reporting mark because reporting marks that end in X means that the car is owned by a leasing company or private car owner. The company introduced its current slogan, "How Tomorrow Moves", in 2008. CSX Corporation sold two-thirds of its control of water transport company American Commercial Barge Line in 1998, citing a desire to focus more on rail operations. The founding chairman of CSX Corporation was Prime F. Osborn III of Seaboard, for whom Jacksonville's Prime F. Osborn III Convention Center is named. 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 The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

, 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 A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

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. In March 2018, Foote, said CSX would follow-through on Harrison's plans to transform the company and move it from a traditional railroad model to a scheduled railroad model in order to reduce costs and improve the quality of service. Part of this effort includes reducing the number of locomotives in service from 3,000 in late 2017 to between 2,370 and 2,420 in 2020. The company also plans to reduce the number of rail cars it owns from 136,000 in late 2017 to between 104,000 and 109,000 in 2020. In 2017, CSX cut its workforce by 3,300 employees. In 2018, roughly 2,200 jobs were cut. A further reduction of 4,000 positions is planned by 2020. CSX estimates that after these cuts it will have a workforce of about 21,000 people. CSX is also trying to increase profits by monetizing some of its real estate. As of early 2018, the company planned to generate $800 million by 2020 by selling off some railroad lines and other real estate. As of the same date, CSX held real estate in 23 states, the District of Columbia, and two Canadian provinces.

Officers

Presidents

* Hays T.(Thomas) Watkins, Jr. (1980 – April 1989) * John W. Snow (April 1989 – 2003) * Michael J. Ward (2000 – 2015) * Oscar Munoz (February 11, 2015 – ) * Clarence W. Gooden ( – May 31, 2017) * Fredrik J. Eliasson (February 15, 2017 – ) * E. Hunter Harrison ( – December 16, 2017) * James M. Foote (Acting: December 16, 2017 – December 22, 2017, Full: December 22, 2017 – September 26, 2022) * Joseph Hinrichs (September 26, 2022 - Present)

Chief Executive Officers

* John W. Snow (April 1989 – 2003) * Peter Carpenter (1992 – 1999) * Oscar Munoz (2015 – ) * Michael J. Ward ( – February 21, 2017) * E. Hunter Harrison (March 6, 2017 – December 16, 2017) * James M. Foote (December 22, 2017 – September 26, 2022) * Joseph Hinrichs (September 26, 2022 - Present)

Chairmen of the Board of Directors

* Prime F. Osborn III (1980 – 1982) * Hays T. Watkins, Jr. (1982 – January 31, 1991) * John W. Snow (January 31, 1991 – 2003) * Michael J. Ward (2003 – February 21, 2017) * Edward J. Kelly, III (2017 – January 2019) * John J. Zillmer (January 2019 – Present)

Leadership

The following is a list of CSX management as of November 2022: *John J. Zillmer, chairman of the board of directors *Joe Hinrichs, president and chief executive officer *Sean Pelkey, executive vice president and chief financial officer *Kevin Boone, executive vice president of sales and marketing *Jamie Boychuk, executive vice president of operations *Nathan D. Goldman, executive vice president, chief legal officer and corporate secretary *Diana B. Sorfleet, executive vice president and chief administrative officer *Steve Fortune, executive vice president and chief digital and technology officer

Finances

At the end of 2018, CSX Corporation's total shareholder's equity was reported as US$12.58 billion and total assets were valued at $36.729 billion. Total revenue for 2018 was $12.25 billion, an increase from $11.408 billion the previous year. Operating income was $4.869 billion, up from $3.72 billion in 2017, while earnings before income taxes were $4.304 billion, compared to $3.142 billion the previous year. As of 2019, CSX Corporation was a Fortune 500 company.

Headquarters

The CSX Transportation Building is a high-rise office building in

. Completed in 1960, the building currently serves as headquarters for CSX Corporation. The building is located in the Northbank area of

Downtown Jacksonville Downtown Jacksonville is the historic core and central business district (CBD) of Jacksonville, Florida USA. It comprises the earliest area of the city to be developed and is located in its geographic center along the narrowing point of the St. ...

, along the banks of the St. Johns River. Its former names include the Atlantic Coast Line Building and the Seaboard Coastline Railroad Building. Designed by KBJ Architects, the CSX Transportation Building is a

LEED certified Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, constructio ...

building and an example of mid-century modern and international style architecture. File:CSXBldgJacksonville-Feb2010-b.JPG File:Atlantic Coast Line R.R. Building, Jacksonville, Florida.jpg

References

External links

* {{Authority control Companies listed on the Nasdaq Companies based in Jacksonville, Florida Companies in the Dow Jones Transportation Average CSX Transportation United States railroad holding companies 1980 establishments in Florida Railway companies established in 1980 Northbank, Jacksonville Publicly traded companies based in Jacksonville, Florida Multinational companies based in Jacksonville