CSX's CFO Frank A. Lonegro Departs, Serves For 19 Years

CSX Corporation’s (NASDAQ:CSX) executive vice president and chief financial officer (CFO), Frank A. Lonegro, has quit the organization after having served for 19 years. He was promoted to the position of CFO in 2015. Meanwhile, the company is on the lookout for a new CFO and appointed Kevin Boone as the interim CFO.

CSX’s interim CFO joined the company in September 2017 as vice president of corporate affairs and chief investor relations officer. Prior to his appointment as the interim CFO, he held the post of vice president, marketing and strategy, leading a marketing team with an agenda to identify and advance growth strategies of top priority.

Jim Foote, CSX’s president and chief executive officer, lauded Lonegro for his contributions to the company on the operational front as well as for boosting investor confidence by adding significant shareholder value.

As part of the company’s efforts to reward shareholders, CSX announced a 9.1% dividend hike to 24 cents per share in February. Moreover, in January, the company’s board cleared a new $5-billion share buyback program following early completion of the previous one. During the first quarter, the company returned $1 billion to shareholders through dividends ($200 million) and repurchases ($800 million).

Zacks Rank & Other Key Picks

CSX carries a Zacks Rank #2 (Buy). Some other stocks worth considering in the broader Transportation sector are SkyWest, Inc. (NASDAQ:SKYW) , GATX Corporation (NYSE:GATX) and Trinity Industries, Inc. (NYSE:TRN) , each carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of SkyWest have surged more than 34% so far this year. Meanwhile, both GATX and Trinity flaunt an encouraging earnings history. While GATX outperformed the Zacks Consensus Estimate in each of the trailing four quarters, Trinity surpassed estimates in three of the preceding four quarters.

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