Daily Record Financial News &
Monday, March 5, 2018
Vol. 105, No. 076 • One Section
35¢ www.jaxdailyrecord.com
CSX targets 6,200 more job cuts Railroad wants reductions by 2020; executive says the company was “bloated.”
After cutting 4,600 jobs last year (including consultant positions), CSX Corp. is targeting an additional 6,200 job cuts over the next three years, reducing total employment to 21,000 by the end of 2020. “We will achieve this principally through attrition,” Executive Vice President and Chief Administrative Officer Mark Wallace said Thursday at the company’s investor and analyst conference in New York. Wallace joined the Jacksonville-
based railroad company in March 2017 when Hunter Harrison was brought in as chief executive Wallace officer. “We understand at CSX that every job has to add value. We were a bloated organization,” Wallace said. Harrison, of course, began implementing an overhaul of CSX’s operations that included
the job cuts. “What Hunter had done in a short period of time in transforming the organization was simply amazing,” said James Foote, who took over as CEO when Harrison died in December. “We are committed to following through with what he has started,” Foote said. The conference served as an introduction for CSX’s top officers after it overhauled its executive suite last year. Foote said he had done just
‘IT’S GOING TO BE FUN’
Attorney and civic leader Kevin Hyde has a plan as interim president of FSCJ.
about every job there is in the industry before becoming CEO. “This is not my first rodeo. I’ve been in the railroad industry for 45 years,” he said. “The company showcased the new management team, which is a combination of highly experienced Canadian National veterans and mid-level talent that Hunter Harrison had handselected within the CSX ranks shortly before he passed,” Credit Basch
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Holiday Inn Express in review near iFly
Hotel plans to open by summer 2019.
A 99-room Holiday Inn Express & Suites is in review for development next to the planned iFly indoor skydiving venue near St. Johns Town Center. Hotel guests will have options for entertainment and shopping. Not only is the Brightman Boulevard site near the Town Center, it also is south of Topgolf and north of the planned Floor & Décor. The city issued a Conditional Capacity Availability Statement for the proposed 69,700-squarefoot, five-story hotel on about 1.4 acres. England-Thims & Miller Inc. is the engineering consultant, and the developer is Fox Jacksonville LLC. A Fox Jacksonville representative said Friday the hotel will be built with the Holiday Inn Express Formula Blue concept and anticipates an opening by summer 2019. Holiday Inn Express is a limited-service hotel. Its Formula Blue is called “smart design for smart travel.” Fox Jacksonville bought the land Jan. 10 for $1.16 million, the same day Sky Entertainment LLC paid $738,644 for its site. The iFly
Photo by Max Marbut
Foley & Lardner partner Kevin Hyde will be the interim president of Florida State College at Jacksonville.
By Max Marbut Associate Editor
K
evin Hyde soon will add some more responsibilities to his schedule, but that’s nothing new and he has a plan. Hyde, partner at the Foley & Lardner law firm, will become interim president of Florida State College at Jacksonville on or about May 31 when President Cynthia Bioteau retires. “It’s going to be fun,” he said. “When I was on City Council, people would ask
me ‘what’s fun?.’ It’s a chance to be at the table. This is the same.” A council member from 2003-11, and its president in 2005-06, Hyde, 55, also was chief of staff in 2011-12 for former Mayor Alvin Brown. He’s chair of the University of North Florida’s board of trustees and past chairman of The Florida Bar Labor and Employment Section. Hyde has identified his initial priorities as interim president. Preparation of the largest post-secondary education institution in North-
east Florida’s annual budget – predicted to be about $140 million – will begin in April. “To the extent that I can participate in helping that, I want to do that,” Hyde said. He also will focus on maintaining the college’s financial aid support for students. “Well over 80 percent of the students receive some sort of financial aid. If your customer base is that dependent upon Hyde
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Mathis
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The Marbut Report: Women judges share experiences Karen Cole, Angela Cox and Dawn Hudson offer tips for prospective candidates. Public
legal notices begin on page
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