More layoffs at Jacksonville-based CSX brings total dismissals to 1,000, as originally projected
By Drew Dixon, The Florida Times-Union, April 25, 2017
Jacksonville-based CSX Corp. finalized the company’s layoffs Tuesday with the termination of 200 workers, bringing the complete tally of layoffs to 1,000, which the company originally projected in February.
The workers were given notice Tuesday at the Jacksonville headquarter operations and other field locations of the company. It brings an end to an awkward layoff process over the past two turbulent months for the railway giant.
CSX CEO plans changes to coal train operations
By JIM ROSS, The State Journal, April 25, 2017
Coal shippers along CSX lines in West Virginia and elsewhere may see a different business approach as new CSX CEO Hunter Harrison reshapes the company’s business practices.
Speaking last week to investment consultants following release of the quarterly earnings report, Harrison said there are inefficiencies in the CSX coal transportation system that need to be changed.
Harrison to serve CSX as president in addition to CEO
From Progressive Railroading Magazine, April 24, 2017
n addition to serving as CSX Corp.‘s chief executive officer, E. Hunter Harrison will serve as president of the Class I, according to a proxy statement hedge fund Mantle Ridge LP filed last week with the U.S. Securities and Exchange Commission.
Mantle Ridge, now a CSX shareholder, helped negotiate Harrison’s hiring as CSX CEO earlier this year.
Roanoke, Virginia: Ex-U.S. attorney Fishwick challenges railroad management
By Jeff Sturgeon, The Roanoke Times, April 25, 2017
John Fishwick no longer relies on Justice Department press releases to speak out the way he did as U.S. attorney.
He has his own Facebook page.
And citizen Fishwick, free from the strictures of public service, has used it to criticize corporate America.
Fishwick, who resigned three and a half months ago as the Western District of Virginia’s top federal prosecutor, says he sees a debacle of corporate waste unfolding at CSX railroad. Speaking out as a CSX shareholder, he registered a Facebook page to rally shareholders against a proposed CEO pay plan that he likens to a scourge of the American Old West.
The page is titled “Stop the CSX Train Robbery.”
CSX and NS: It takes two to make a duel
By Tony Hatch, Progressive Railroading Magazine, April 2017
While we await full news on the so-called “Hunterization Plan” for CSX, we’ll get only hints from the quarterly results and the annual meeting — look for a full-scale meeting on targets and forecasts in late summer or early fall. But we should remember that in the battle for freight rail pre-eminence in the southern and eastern United States, as well as in the duel for the winning philosophy for railway management (and long-term ROI) — indeed, for the whole soul of the “Railroad Renaissance” — there are two participants. And in post-Staggers history, Norfolk Southern isn’t used to being the “other guy.” So, with honor challenged must come a response.
NS CEO Squires draws down on the latest threat. It has been a (pleasant) surprise to see NS CEO Jim Squires out in public in early spring making the case for his railroad at Southwest Association of Rail Shippers (SWARS), where he gave perhaps the best speech of his career (to date). As he did in the quarterly earnings call, Squires noted that NS had gotten beyond its mostly self-imposed service challenges of 2014, and in the face of the changing traffic mix (the secular devastation of coal, as well as the impact of the 2015-16 “freight recession”), still had produced its best operating ratio (OR) ever (68.9, down 360bps). The railroad is well on its way to realigning resources and selling off non-core coal (and other) lines. And NS is continuing to reinvent itself from a rail/customer service perspective, with five points of focus: