CSX Corporation (NASDAQ:CSX) announced more layoffs that will see a large portion of the company’s employees lose their jobs.
At least 1,000 management workers will no longer be employed by the real estate and railway company sometime in the next few weeks, according to a statement on Tuesday. CSX Corporation said it has been considering making the move for over a year as part of a broader transition that has been brewing for a while.
Two top executives of the company announced earlier in the day that they will be leaving. CEO Michael Ward and president Clarence Gooden have both been tabbed as workers who are retiring at the end of June.
Chief sales and marketing officer Fredrik Eliasson has been promoted to president. A CSX Corporation spokesperson refused to comment further on the matter to the press, as many publications were asking for an interview.
Most of the workers who will lose their jobs will be in the company’s Jacksonville corporate office and its subsidiaries. The move will be complete sometime in mid-March.
In total, there are 2,500 CSX Corporation management employees in the company’s Jacksonville offices. The move is part of an effort to streamline operations.
There are also rumblings abound suggesting that the company is looking to merge with another company, either as a regular merger or as part of a takeover bid.
CSX stock is up 0.8% Tuesday.