CSX CFO Frank Lonegro in shock departure

US railroad CSX has confirmed the sudden departure of its chief financial officer, Frank Lonegro (pictured above).

The carrier announced that Kevin Boone has been appointed to the role on an interim basis.

Mr Lonegro joined CSX at the turn of the century and, with nearly 20 years under his belt, played a key role in the Hunter Harrison-introduced move towards precision railroading.

Chief executive Jim Foote thanked Mr Lonegro for his work over the 19 years he spent with the company.

“Over the last few years, Frank has played a key role in helping create significant value for CSX shareholders,” he said.

Neither Mr Lonegro nor the company explained the reason for his departure, but he stressed that the carrier was on an “unparalleled path to success”.

While 2017 had ended on a dismal note for the carrier, 12 months later things were looking much sharper with a 2% upturn in volumes and climbing profits. And Mr Foote told investors during a Q1 earnings call that “every day” the carrier was winning new business from the trucking sector.

“In the past, they may have given 60% of volumes to rail and 40% to road, because they didn’t trust the reliability of the railroad to get their products across to market,” he said. “This is where we’re seeing growth come – from existing customers to a large degree, but we are gaining a larger share each and every day and, hopefully, that will continue.”

Mr Boone joined CSX shortly after Mr Harrison’s appointment as chief executive. Since then, he has served as vice president of corporate affairs and chief investor relations officer before taking over as vice president of marketing and strategy.