Published:
CSX Announces Strategic Review and New Leader of The Greenbrier
JACKSONVILLE, Fla., Jan. 2 /PRNewswire-FirstCall/ -- CSX Corporation
(NYSE: CSX) today announced that it is examining all strategic options for The
Greenbrier resort inWhite Sulphur Springs, West Virginia, and has retained
Goldman, Sachs & Co. as its financial advisor to assist in the review.
"TheGreenbrier is at a crossroads," said Michael J. Ward, president,
chairman and CEO of CSX. "While we have continued to make investments to keep
the resort competitive, the market for luxury hospitality services is
shrinking rapidly in this economy. TheGreenbrier lost $35 million last year,
and the resort faces even more difficult challenges in 2009. It is imperative
that we respond to this situation without delay. Our goal is to make The
Greenbrier not only one of America's great destinations, but also a viable
business entity."
As previously announced, TheGreenbrier has initiated a study of the
potential for gaming operations. That review is being conducted by The
Innovation Group, a firm that specializes in gaming analysis and marketing.
The results will be incorporated into the overall review of strategic
alternatives.
Also today, CSX announced the appointment of Michael Gordon as president
and managing director of TheGreenbrier. Gordon has been general manager of
the resort since February 2007.
"Michael Gordon is a veteran executive of the luxury hospitality industry
with a significant knowledge of our resort operations," said Ward. "We
believe he is the right person to help lead TheGreenbrier at a critical time
in its history."
The currentGreenbrier president, Andrew Fogarty, will continue to serve
on the board of directors of The Greenbrier Sporting Club Development Company.
CSX Corporation, based inJacksonville, Fla., is one of the nation's
leading transportation companies, providing rail, intermodal and rail-to-truck
transload services. The company's transportation network spans approximately
21,000 miles, with service to 23 eastern states and theDistrict of Columbia,
and connects to more than 70 ocean, river and lake ports. More information
about CSX Corporation and its subsidiaries is available at the company's web
site, www.csx.com.
SOURCE CSX Corporation
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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