CSX Names New Chief Operating Officer and Chief Financial Officer

JACKSONVILLE, Fla., Jan. 23, 2012 /PRNewswire/ -- CSX Corporation (NYSE: CSX) today announced the appointments of Oscar Munoz as executive vice president and chief operating officer and Fredrik J. Eliasson as executive vice president and chief financial officer, effective immediately.

Munoz replaces David A. Brown, who is no longer with the company.  The company's decision to make this change is unrelated to CSX's financial condition, business performance or outlook, all of which are strong.

"Oscar Munoz is a proven leader who has been an integral part of creating the company's vision and success," said Michael J. Ward, chairman, president and chief executive officer.  "He brings tremendous business skills, a disciplined approach and a passion for superior results."

Munoz has been executive vice president and chief financial officer of CSX since 2003, responsible for all financial, strategic planning, information technology, procurement and real estate activities.  Prior to joining CSX he held senior leadership roles at PepsiCo, Coca-Cola and AT&T. 

Munoz is a member of the board of directors of United Airlines, as well as several local and national educational and philanthropic institutions.  He earned a bachelor's degree from the University of Southern California and a master's of business administration from Pepperdine University.

Succeeding Munoz as chief financial officer is Fredrik Eliasson, a 16-year veteran CSX executive.  "Fredrik brings broad senior leadership experience and a track record of success in key financial and commercial roles," said Ward.  "He has invaluable insight into creating value for shareholders and customers, as well as clear focus and skill in business execution."

Eliasson was vice president of sales and marketing for CSX's chemicals and fertilizer business and previously headed the emerging markets business.  Before that, he was vice president of financial planning and analysis, overseeing all aspects of planning, forecasting and economic analysis activities. 

Eliasson is on the board of directors of the Jacksonville Chamber of Commerce.  He earned a bachelor's degree and a master's degree in business administration from Virginia Commonwealth University.

CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia.  CSX's network connects to more than 240 short line and regional railroads and more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Forward-looking Statements

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "will," "should," "believe," "expect," "anticipate," "project," "estimate," "preliminary" and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

SOURCE CSX Corporation

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