JACKSONVILLE, Fla., July 25 /PRNewswire-FirstCall/ -- CSX Corporation
(NYSE: CSX) today announced that its Board of Directors has invited John D.
McPherson and TCI Group nominees Gilbert H. Lamphere and Alexandre Behring
to join the Board immediately. These individuals would replace Southwood J.
Morcott, Robert D. Kunisch and Elizabeth E. Bailey, each of whom has
resigned effective upon his or her replacement taking office. The
announcement was made today at the Company's reconvened 2008 annual
meeting.
"We look forward to welcoming the new Board members and working
together to continue delivering record performance for all shareholders,"
said Michael J. Ward, Chairman of the Board of CSX Corporation.
The status of two Board seats remains uncertain. One of the seats is
the subject of questions in the vote review, which remains too close to
call. The most recent preliminary draft report of the independent inspector
of elections shows that the candidates competing for the seat have a
difference of votes that is now less than 1/5 of 1 percent of the shares
entitled to vote at the meeting and the status of a number of votes is
still unclear. The preliminary vote report has already been revised several
times to correct errors. The vote review process is expected to be
completed soon, possibly as early as next week.
Both of those seats are the subject of an appeal pending before the
U.S. Court of Appeals for the Second Circuit that is on an expedited
hearing schedule. The Company expects that these issues will be resolved in
the next 60 days.
Pending the outcome of the vote review and the appeal, the annual
meeting has been adjourned and will reconvene at 10:00 a.m. EDT on
September 24, 2008 at the Company headquarters in Jacksonville, Fla.
About CSX
CSX Corporation, based in Jacksonville, Fla., is one of the nation's
leading transportation companies, providing rail, intermodal and
rail-to-truck trainload services. The company's transportation network
spans approximately 21,000 miles, with service to 23 eastern states and the
District of Columbia, and connects to more than 70 ocean, river and lake
ports. More information about CSX Corporation and its subsidiaries is
available at the company's web site, http://www.csx.com.
Forward-looking statements
This information and other statements by the company 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, cost-savings, expenses, or other financial
items; statements of management's plans, strategies and objectives for
future operation, and management's expectations as to future performance
and operations and the time by which objectives will be achieved;
statements concerning proposed new products and services; and statements
regarding future economic, industry or market conditions or performance.
Forward-looking statements are typically identified by words or phrases
such as "believe," "expect," "anticipate," "project," "estimate" 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 does update 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 these forward-looking statements. Factors that may
cause actual results to differ materially from those contemplated by these
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 or business conditions, including those
affecting the rail 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; and (v) the outcome of claims and litigation involving or
affecting the company.
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
http://www.sec.gov and the company's website at http://www.csx.com.
Contacts:
David Baggs, Investor Relations
904-359-4812
Garrick Francis, Corporate Communications
904-359-1708
Dan Katcher / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
SOURCE CSX Corporation
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Related links:
http://www.csx.com
CONTACT:
David Baggs, Investor Relations,
+1-904-359-4812, or Garrick Francis, Corporate Communications,
+1-904-359-1708, both of CSX Corporation; or Dan Katcher, or
Andrew Siegel, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449, for CSX Corporation
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