SEA-LAND SPLIT SET FOR MID-YEAR
CSX Corp. says its Sea-Land subsidiary will be managed as three separate
businesses — global container shipping, terminals and U.S. domestic
container shipping — starting in mid-1999.
Each unit will issue its financial results quarterly and report to CSX
Chairman John Snow. Snow said the action is an effort to "unlock more
value" from the units.
John P. Clancey, Sea-Land’s current CEO, will run the global container
business, which has a worldwide fleet of 84 vessels. Robert Grassi will be
in charge of the terminal unit, which will have 26 terminals and repair and
warehouse facilities. Charles Raymond will be in charge of the U.S.
domestic container business, with 16 ships in the Alaska, Hawaii and Puerto
Rico trades.
Clancey, Grassi and Raymond will each carry the title of president and
CEO of their businesses. The companies will be based in Charlotte,
Sea-Land’s current headquarters.