Additionally, MKRO CEO John Dent, who assisted in the transition, has resigned.
The newly-appointed president of Continental Rail Corp. will be Wayne August, a 22-year veteran of the rail industry. August is an executive who has coordinated several mergers and acquisitions (M&A) transactions during his career. Most recently, he was employed by Patriot Rail Corp. as vice president of corporate development. At Patriot, he led the acquisition efforts that resulted in the company's growth. Prior to that, he was with RailAmerica for 10 years where his last position was vice president corporate strategy. He started his rail career in 1991 as a management trainee with CSX Corp. He has senior management experience in several areas, including M&A, financial planning, investor relations and strategic planning.
Alongside August will be newly-appointed Chief Financial Officer Tim Hart. Hart has more than 30 years of accounting and finance experience, including 10 years with KPMG, an international public accounting firm. He has worked with companies, such as RailAmerica and Patriot Rail Corp. during the past 25 years.
Neil Swartz, chairman and CEO of Continental, said, "We are pleased to have Wayne join Continental Rail Corp. and lead our efforts to acquire shortline freight railroads and rail-related businesses. He has a proven track record and the experience to get the job done. Combined with Tim's financial expertise, we have the beginnings of a great management team. I am confident that this transition of MKRO to the fast-growing rail industry will be a positive one for all shareholders."