Thursday, May 06, 2010

CSX stays focused on the fundamentals as economic recovery continues

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As the U.S. economy continues to recover, CSX Corporation remains sharply focused on safety, service and productivity, the things that have made the company successful through a variety of economic conditions, Michael Ward, CSX chairman, president and chief executive officer, told investors at the company's annual shareholder meeting.

The company performed very well in the recent recession while positioning itself as a "stronger and more capable" company, Ward said. "The opportunities to create value for customers, investors, employees and communities are impressive."

Ward said it is very important for CSX to continue to "do the right things" to prepare its network for the future transportation needs of the nation. Over the past three years, the company has invested approximately $5 billion in its network, and is adding another $1.7 billion in investment this year. CSX is also joining six states and the District of Columbia in developing the National Gateway, a major infrastructure project to enhance the use of fuel efficient and environmentally-friendly rail service while creating thousands of jobs in multiple industries.

In its official business, and based on preliminary results, shareholders re-elected all 11 members of the CSX Board of Directors, ratified the appointment of Ernst & Young as the company's independent registered public accountant and approved the 2010 CSX Stock and Incentive Award Plan.

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