RICHMOND, Va. – The CSX Board of Directors announced today that it has elected Michael J. Ward to serve as chairman and chief executive officer of CSX Corporation (NYSE: CSX), in addition to his current role as president of CSX Corporation. Ward succeeds John W. Snow, who was confirmed yesterday by the U.S. Senate to serve as Secretary of the Treasury.
The CSX Board of Directors said, “The management succession planning process has been in place for a number of years at CSX, and the Board of Directors has complete confidence in Michael Ward’s ability to lead the company successfully. He brings tremendous management expertise and knowledge of the transportation marketplace and its customers to this position. As a result, CSX is well positioned to enhance service offerings, grow markets, increase productivity and provide shareholder value. The improved earnings, safety record and service performance at CSXT since Michael took the helm are attributable to his leadership and strategy.”
The Board continued by saying, “We also want to pay tribute to the leadership and outstanding service provided by John Snow over the last quarter century. He helped change the strategic direction and focus of CSX Corporation, providing a stronger, rail-based foundation for the future. John’s appointment is a compliment to him and all of CSX. The Board wishes John every success as he takes on his new responsibilities in the Bush Administration.”
Ward, 52, has spent his 25-year business career with the railroad. Before being named president of CSX Corporation in July 2002, he was president of CSX Transportation. He also served as executive vice president-operations, headed CSXT’s coal business unit, managed Conrail merger planning and was the railroad’s chief financial officer. A native of Baltimore, Ward received a master’s degree in business administration from the Harvard Business School in 1976 and a bachelor’s degree from the University of Maryland in 1972.