Daily Record Financial News &
Tuesday, December 19, 2017
Vol. 105, No. 024 • One Section
35¢
www.jaxdailyrecord.com
Man now at helm of CSX called ‘proven railroader’ James Foote, hired in October, played key roles under the late Hunter Harrison. By Andrew Warfield Associate Editor For the time being at least, CSX Corp. will be led by recently named Chief Operating Officer James Foote, who was reunited with the late CEO Hunter Harrison in October at the Jacksonville-based railroad. Less than two months into the job, Foote, 63, was named acting CEO on Thursday as Harrison took medical leave. Harrison, 73, died Saturday. Foote played a key role in Canadian National Railroad while Harrison served as CEO of the company from 2003-09. Foote joined CNR in 1995 as vice president of investor relations to assist its privatization. He was named executive vice president of sales and marketing in 2000, eventually becoming senior vice president of the department. The two were integral in CNR’S implementation of what Harrison called “Precision Scheduled Railroading,” and were transforming CSX to the concept. Foote was hired to lead CSX’s operations as well as sales and marketing in his role as COO. His arrival at CSX coincided with the November departure of former COO Cindy Sanborn and Chief Marketing Officer Fredrik Eliasson. Only Chief Financial Officer Frank Lonegro remains from the previous management team. How the unexpected death of Harrison affects that outcome will be determined by the CSX board of directors. Bryan Tucker, CSX vice president of corporate communications, said Monday the board has a deliberative process to choose the next CEO. “For the time being, Jim is very much in charge,” he said. “I think it is important to point out that there is a lot of confidence in Jim,” he said, citing Foote’s 40 years of experience in the industry and the stock market’s reaction. While CSX’s stock fell 7.6 Foote
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James Foote, who is serving as the acting CSX CEO, worked with the late Hunter Harrison at Canadian National Railroad from 2003-09.
Unlike his predecessor, Harrison was an unknown in Jacksonville civic circles CSX foresees more local engagement. CSX Corp. CEO E. Hunter Harrison came onboard in March to cut costs, and those included the departures of top management who played starring roles in civic Jacksonville. He didn’t make up for it by immersing himself in civic leadership or pushing a philanthrop-
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ic agenda, as did his predecessor, Michael Ward. Nor did he appear to call on city and business leaders or respond to their requests for an introduction. For those reasons or others, business and city leadership response was muted Monday about Harrison’s death Saturday at age 73. They said they just didn’t know him. “He hadn’t been in the job all that long and he wasn’t in town all that much,” said University of North Florida President John Delaney, a former Jacksonville mayor and JAX Chamber chair. City Council member Lori
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Boyer wished city leadership had known him, “for no other reason than he was quite a remarkable businessman.” “To my knowledge, there was no attempt by the new leadership to reach out to city government about dialogue about CSX’s presence in Jacksonville or anything like that,” said Boyer, who was council president when Harrison took the job. Ed Burr, chairman of the Jacksonville Civic Council of city, business and community leaders, said Harrison wasn’t a member although Ward was and continues on individually. Mathis
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INSIDE No refunds: Harrison got $84 million as part of deal to become CEO. Page 3 Union reaction: Leader says Harrison “slashed and burned.” Page 2 On the rise: How CSX stock has fared over year. Page 16
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