CSX To Announce Layoffs Today

[UpInArms]

http://www.firstcoastnews.com/money/news-article.aspx?storyid=14377

JACKSONVILLE, FL -- Layoffs are apparently in the works this week at CSX Corporation.

First Coast News learned exclusively Tuesday afternoon that a major announcement is scheduled for Thursday at the company's Jacksonville-based headquarters about its restructuring plan.

Company officials said last November that plan includes eliminating 800 to 1,000 jobs.

...more...

CSX - hmmm....

http://www.csx.com/index.cfm?fuseaction=whoweare.management_bios&t=jsnow

Officer Profile


John W. Snow


As chairman and chief executive officer of CSX Corporation since 1991, John W. Snow is one of the transportation industry's most influential and respected leaders. <snip>

http://www.whitehouse.gov/government/snow-bio.html

Secretary of the Treasury, John W. Snow
www.ustreas.gov

President George W. Bush nominated John William Snow to be the 73rd Secretary of the Treasury on January 13, 2003. The United States Senate unanimously confirmed Snow to the position on January 30, 2003 and he was sworn into office on February 3, 2003. As Secretary of the Treasury, Snow works closely with President Bush to strengthen economic growth and create jobs.

Snow was Chairman and Chief Executive Officer of CSX Corporation, where he successfully guided the transportation company though a period of tremendous change. During Snow's twenty years at CSX, he led the Corporation to refocus on its core railroad business, dramatically reduce injuries and train accidents, and improve its financial performance. <snip>

http://www.kypost.com/2003/01/10/kycarpenter011003.html

excerpt:

Snow's critics question his leadership at CSX, pointing out that the price of the company's stock fell 17 percent over the past decade, a time when many other transportation companies' stocks were on the rise. Another gripe: CSX paid no federal income taxes three of the last four years, despite profits of nearly $1 billion during that period, according to the watchdog group Citizens for Tax Justice.

There also have been questions about Snow's compensation package with the railroad. He was paid $36.5 million to run the company over the past four years and received a retirement package that is reportedly worth more than $40 million.

[CaptainClark23]

1. Carlyle's Baby now....

Snow sold off CSX to Carlyle Group about 4 months prior to being tapped for SecTres

[Richardo]

4. Not CSX - just their ship-borne subsidiary

...resulted in a nice little payday for Snow in bonus money. I'll see if I can find the link.

Richardo <-- former railroad ape

[pinto]

5. isn't the ship subsidiary that one from Houston, does a mess of oil biz?

[Richardo]

7. No - it was a container line...

...general cargo - domestic between US ports and Puerto Rico, Alaska and Hawaii.

Here's the link to CSX... $300 million - not bad!

http://www.csx.com/index.cfm?fuseaction=company.news_detail&i=32902&ws=corporation

[CaptainClark23]

6. you are correct, Sir

I blame this administration. I feel entitled to stretch any amount of truth to reflect my own agenda!


Do you have any idea what percentage of CSX's overall business was in the ship-borne containers? Roughly?

[Richardo]

8. No - but they sold it to Poppy - er - Carlyle for $300 million

The railroad pulls in about $6 billion annually.

[Richardo]

9. dupe

oops

[Jazzgirl]

13. I work for another major US railroad.

I saw some info about CSX doing a lot of restructuring and talking about maybe laying off some people. Kinda weird that the other major North American railroads are doing pretty good except CSX. I had no idea Carlyle Group had bought them.

Jazzgirl

[Richardo]

14. Hm. A major railroad. HQ in Ft. Worth by any chance?

I worked for the guys who started in SF, but ended up yellow in Omaha. :-)

[pinto]

2. these are the guys hauling chlorine tankers through DC with OK from

the Admin. Saw a report from a risk management firm in Tom Dispatch stating the enourmous threat chlorine shipments pose for the capital in case of a domestic/foriegn terrorist action against railway.......
remember the accident in Bhopal?

Homeland Security seems to be a very subjective pursuit in George W's world.

ed for clarity

[BiggJawn]

3. Some call it "SUX" instead of CSX.

Wonder how many trains they're gonna put on the ground before they figure out that blowing a lot of Green up the shareholder's skirts ain't what running a railroad's all about?

Since CSX runs RIGHT through the middle of my sleepy lil' town, this is a HUGE concern of mine....

[SideshowScott]

10. Not Chessie!!! Sigh they should have never gotten rid of the Chessie Kitty

I used to love the little sleeping kitty logo on the trains that passed by..then they got the more coorprate big CSX letters and felt it was the end of an era. I hope all of the workers find jobs soon..and that they relize who is doing it to them on election day

[Richardo]

11. Here y'go Scott...

...and the original



Enjoy!

[SideshowScott]

12. Thanks Buddy!..Your one of the resons DU rocks!

Thanks..I love that Logo! I saw a tile picture of the kitty on the floor of a W.Va train staion when i was a kid..Too cool..I hope all the workers find jobs or the company rehires them.. And changes back to the Chessie logo