UPDATE: CSX Announces Management Changes

CSX Corporation

today announced that its Board of Directors unanimously elected Oscar Munoz as president, CSX Corporation, overseeing operations, sales and marketing, human resources, service design and information technology. Munoz assumes this new role effective immediately and also remains chief operating officer. "Oscar has served CSX with distinction as both chief operating officer and chief financial officer, and I am proud to welcome him to this new role," said Michael J. Ward, chairman and chief executive officer. "Oscar's insights and experience in his critical CSX roles over the past 12 years, combined with his extensive executive experience at major multinationals before joining our company, position CSX to capitalize on a dynamic global market and growing demand for freight rail services, today and into the future." Before joining CSX in 2003, Munoz served as chief financial officer and vice president of AT&T Consumer Services. He also has held key executive positions with other major corporations including The Coca-Cola Company and PepsiCo, Inc. "It is a privilege to take on this role at a time when CSX is becoming stronger than ever," said Munoz. "Together with our 31,000 talented employees and this experienced leadership team, CSX is intensifying the execution of its core strategy to capitalize on the many growth opportunities before us and create sustainable value for our customers, our shareholders and the communities we serve." CSX also today announced the promotion of Vice President and Chief Transportation Officer Cindy Sanborn to the position of executive vice president-operations, reporting to Munoz, effective immediately. Over more than 25 years with CSX, Sanborn has risen through the operating department to a number of senior leadership roles, including vice president of Northern Region operations. She currently serves on the Board of Directors for Conrail, the Belt Railway of Chicago and the Indiana Harbor Belt Railroad. "Cindy is uniquely qualified to lead CSX's operations in this complex environment, with an unparalleled breadth and depth of experience and strong relationships across our industry," Munoz said. "She has helped transform our team with her focus on customers and operational efficiency as well as key contributions to diversity recruiting and employee development." "With respected leaders moving into new roles at the highest levels, I am confident in CSX's ability to continue gaining momentum to deliver on its commitments to shareholders, customers and our employees," said Michael Ward. "We look forward to this new era of leadership at CSX."