JACKSONVILLE, Fla.- The process of laying off approximately 1,000 management positions at Jacksonville-based CSX has begun, two laid off employees told First Coast News Monday.
"I had numerous years with the company and clearly they were not loyal to me.", a long-time upper management employee who did not want to be identified told First Coast News.
The layoff announcement was made in February and the company said they would occur in March.
The majority of the layoffs are expected to take place at the company's Jacksonville headquarters, where there are more than 2,500 management employees.
“It’s not going to be an easy job hunt trying to find something that mimics what I was currently doing that I enjoyed and got and was good at and paid for," Paul Young, a recently laid-off CSX employee said.
Young, who has two children and a wife, is now faced with finding a new way to provide for his family. He spent 14 years at the company, and said he was given three options with the layoff including taking a non-management position.
This news comes on the same day that the Wall Street Journal reported that CSX has agreed to hire Hunter Harrison as the company's new CEO. Harrison, a former head of Canadian Pacific Railway, is backed by a fund called Mantle Ridge that owns nearly five percent of CSX's stock. Harrison is known in the railway business as a turnaround specialist who improves companies bottom lines by reducing workforce.
CSX spokesman Gary Sease says the company "cannot comment on market speculation" about the CEO hire.
The company says they will implement a program to give impacted laid off employees enhanced severance pay and pension benefits, along with outplacement services. The company also plans to implement a voluntary separation program.
The company is one of downtown Jacksonville's largest employers with their main headquarters on Water Street.
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