JACKSONVILLE, Fla. — CSX Corp. announced that its Board of Directors has invited John D. McPherson and TCI Group nominees Gilbert H. Lamphere and Alexandre Behring to join the Board immediately.
These individuals would replace Southwood J. Morcott, Robert D. Kunisch and Elizabeth E. Bailey, each of whom has resigned effective upon his or her replacement taking office. The announcement was made today at the Company’s reconvened 2008 annual meeting.
“We look forward to welcoming the new Board members and working together to continue delivering record performance for all shareholders,” said Michael J. Ward, Chairman of the Board of CSX Corporation.
The status of two Board seats remains uncertain. One of the seats is the subject of questions in the vote review, which remains too close to call. The most recent preliminary draft report of the independent inspector of elections shows that the candidates competing for the seat have a difference of votes that is now less than 1/5 of 1 percent of the shares entitled to vote at the meeting and the status of a number of votes is still unclear. The preliminary vote report has already been revised several times to correct errors. The vote review process is expected to be completed soon, possibly as early as next week.
Both of those seats are the subject of an appeal pending before the U.S. Court of Appeals for the Second Circuit that is on an expedited hearing schedule. The Company expects that these issues will be resolved in the next 60 days.
Pending the outcome of the vote review and the appeal, the annual meeting has been adjourned and will reconvene at 10:00 a.m. EDT on Sept. 24, 2008 at the Company headquarters in Jacksonville, Fla.