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Senate gives Snow thumbs up as treasury secretary; CSX names Ward Snow's successor


On Jan. 30, the Senate confirmed CSX Corp. Chairman and Chief Executive Officer John Snow as treasury secretary.

However, Snow will be required to provide testimony before a Senate committee regarding the Treasury Department's stance on cash-benefit or cash-balance pensions, which many U.S. companies plan to adopt in an effort to replace defined-benefit pensions and save money. Opponents believe cash-benefit pensions discriminate against older workers.

Some senators want the government to implement a rule prohibiting companies from forcing workers to change their pension plans.

"[Snow] helped change the strategic direction and focus of CSX, providing a stronger, rail-based foundation for the future," said CSX's board in a prepared statement.

To succeed Snow, who resigned from CSX, the company named President Michael Ward chairman and CEO. Ward, 52, also will retain his duties as president.

Ward has spent his 25-year railroad career with CSX, most recently as president of both the corporation and CSX Transporation. He previously served as executive vice president-operations, head of the railroad's coal-business unit, manager of Conrail-merger planning and chief financial officer.

"The improved earnings, safety record and service performance at CSXT since Michael took the helm are attributable to his leadership and strategy," the board said.

Contact Progressive Railroading editorial staff.

More News from 1/31/2003