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 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 genera ...

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 u ...

and Seaboard Coast Line Industries 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 Transportation , known colloquially as simply CSX, is a Class I freight railroad operating in the Eastern United States and the Canadian provinces of Ontario and Quebec. The railroad operates approximately 21,000 route miles () of track. ...

. CSX Corporation currently has a number of subsidiaries beyond CSX Transportation. Previously based in

Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...

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

is a

Class I railroad In the United States, railroad carriers are designated as Class I, II, or III, according to annual revenue criteria originally set by the Surface Transportation Board in 1992. With annual adjustments for inflation, the 2019 thresholds were US$5 ...

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 U.S. state, states, a Washington, D.C., federal district, five ma ...

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 Government of Canada, 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 ...

. 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 Norfolk Southern Railway is a Class I freight railroad in the United States formed in 1982 with the merger of Norfolk and Western Railway and Southern Railway. With headquarters in Atlanta, the company operates 19,420 route miles (3 ...

. The

federal government A federation (also known as a federal state) is a political entity characterized by a union of partially self-governing provinces, states, or other regions under a central federal government (federalism). In a federation, the self-govern ...

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 debto ...

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 the ...

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 fa ...

, 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 The Pennsylvania Railroad (reporting mark PRR), legal name The Pennsylvania Railroad Company also known as the "Pennsy", was an American Class I railroad that was established in 1846 and headquartered in Philadelphia, Pennsylvania. It was named ...

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 Mi ...

that created

Penn Central 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 ...

. Following approval by the

Surface Transportation Board The Surface Transportation Board (STB) of the United States is a federal, bipartisan, independent adjudicatory board. The STB was established on January 1, 1996, to assume some of the regulatory functions that had been administered by the Interstat ...

, 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 In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

, corresponding to how much of Conrail's assets they acquired. Each parent, however, has an equal

voting interest Voting interest (or voting power) in business and accounting means the total number, or percent, of votes entitled to be cast on the issue at the time the determination of voting power is made, excluding a vote which is contingent upon the happenin ...

. The primary asset retained by Conrail is ownership of the three

Shared Assets Areas Conrail Shared Assets Operations (CSAO) is the commonly used name for modern-day Conrail ( reporting mark CRCX), an American railroad company. It operates three networks, the North Jersey, South Jersey/Philadelphia, and Detroit Shared Assets Are ...

New Jersey New Jersey is a U.S. state, state in the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. It is bordered on the north and east by the state of New York (state), New York; on the ea ...

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

, 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 ...

. 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 A common carrier in common law countries (corresponding to a public carrier in some civil law systems,Encyclopædia Britannica CD 2000 "Civil-law public carrier" from "carriage of goods" usually called simply a ''carrier'') is a person or company ...

, 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.

Winston-Salem Southbound Railway

The

Winston-Salem Southbound Railway The Winston-Salem Southbound Railway is a short-line railroad jointly owned by CSX Transportation and the Norfolk Southern Railway (NS), which provide it with equipment. It connects with NS at the north end in Winston-Salem, CSX at the south ...

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

and the

, 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, the subsidiary High Point, Thomasville and Denton Railroad at High Rock, and the Aberdeen, Carolina and Western Railway 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 Coas ...

and

Norfolk and Western Railway The Norfolk and Western Railway , commonly called the N&W, was a US class I railroad, formed by more than 200 railroad mergers between 1838 and 1982. It was headquartered in Roanoke, Virginia, for most of its existence. Its motto was "Precisi ...

, 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 Christin ...

. 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 Fruit Growers Express (FGE) was a railroad refrigerator car leasing company that began as a produce-hauling subsidiary of Armour and Company's private refrigerator car line. Armour controlled both the packing operations and the transport insulat ...

*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 Seaboard Coast Line Industries. 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 The Interstate Commerce Commission (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. The agency's original purpose was to regulate railroads (and later trucking) to ensure fair rates, to elimina ...

. "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 East Coast of the United States, Atlantic Coast and the Appalachian Mountains. The geography an ...

. "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 A reporting mark is a code used to identify owners or lessees of rolling stock and other equipment used on certain rail transport networks. The code typically reflects the name or identifying number of the owner, lessee, or operator of the equi ...

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 Prime F. Osborn III Convention Center is a convention center located in downtown Jacksonville, Florida. Opened in 1986, it was built incorporating Jacksonville Terminal Complex / Union Station as well as several thousand square feet of newly bui ...

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 ...

, 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 ...

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 The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

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 building and an example of mid-century modern and

international style International style may refer to: * International Style (architecture), the early 20th century modern movement in architecture *International style (art), the International Gothic style in medieval art *International Style (dancing), a term used in ...

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