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CSX Appoints Mike Cory as Its Chief Operating Officer

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CSX Corporation (CSX - Free Report) confirmed the appointment of Mike Cory as its next chief operating officer or COO. He is a veteran with more than 40 years of operations experience.

At CSX, Cory will work with the operations team including Ricky Johnson, senior vice president of operations, and Casey Albright, senior vice president of network operations and service design. Johnson and Albright have been overseeing operations following former CSX COO Jamie Boychuk’s departure in August.

Previously, Cory had joined Canadian National Railway Company (CNI - Free Report) in 1981 as a laborer working in the Canadian railroad’s Winnipeg, Manitoba, locomotive shop and held various positions of increasing responsibility in both operations, and sales and marketing before becoming COO and executive vice president in 2016.

Prior to becoming COO, other leadership roles at CNI included vice president of network operations, senior vice president of the Eastern region and senior vice president of the Western region. Cory retired from CNI in 2019 and then worked as a consultant before becoming president of Pacific National, Australia’s largest private railroad, in 2021.

Expressing delight at this new appointment CSX’s president and CEO, Joe Hinrichs said, “Mike’s reputation as a career railroader, devoted to process improvement, team building and employee development within the principles of scheduled railroading will help CSX continue to achieve new levels of safety, service and operating efficiency”.

Zacks Rank & Stocks to Consider

CSX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks for investors interested in the Zacks Transportation sector are GATX Corporation (GATX - Free Report) and Triton International Limited .

GATX, which presently carries a Zacks Rank #2 (Buy), has strengthened its railcar leasing operations. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

For third-quarter and 2023, GATX’s earnings are expected to register 36.6% and 14.3% growth, respectively, on a year-over-year basis.

Triton, which currently carries a Zacks Rank #2, is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.

Triton has an impressive liquidity position. Its current ratio (a measure of liquidity) was 3.83 at the end of second-quarter 2023. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.

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