Rail

Amtrak taps new chief financial officer

Posted on November 13, 2013

Amtrak named Gerald Sokol Jr. as its new chief financial officer (CFO). He will report directly to Amtrak President/CEO Joe Boardman effective December 3.

As CFO, Sokol will be responsible for corporate finance, business forecasting and development of growth strategies to help secure Amtrak’s long-term viability.

“Jerry’s talent and experiences are valuable assets that will further improve the Amtrak financial performance with the goal of strengthening our bottom line,” said Boardman.

Since mid-2011, Sokol served as president/CEO of Vertis Corp., a $1.2 billion revenue direct mail and newspaper insert printing company, and was Vertis’ CFO during 2010.

Boardman emphasized that Amtrak has made significant progress in its financial performance in recent years with record ticket revenues, covering 88% of its operating costs with ticket sales and other revenues, cutting its debt by 60% and improving its credit ratings.

Sokol is expected to assist in further advancing these and other financial metrics such as reducing costs, increasing revenues and efficiency, and improving the railroad’s operating ratio.

View comments or post a comment on this story. (0 Comments)

More News

NJ Transit continues to implement rail safety upgrades

Rail Operations is currently in the process of replacing all stub end tracks at Hoboken Terminal with new sliding friction bumper blocks, as well as advancing a speed control system for trains entering Hoboken Terminal.

WSP USA projects recognized with three Calif. transportation awards

The Exposition Line Light Rail in Los Angeles received the California Transportation Foundation's Overall Project of the Year award.

City Council approves transfer of Atlanta Streetcar to MARTA

The $99 million streetcar opened in December 2014 amid sky-high expectations, but ridership failed to meet expectations in its first year and plummeted nearly 60% after the city began charging $1 to ride.

Honolulu officials submit new light rail plan to FTA

The total project cost included in the new plan remains at $8.165 billion for capital costs exclusive of finance charges, with full revenue service scheduled for December 2025.

Alstom to supply traction system in Chengdu, China

The contract is worth approximately $68.3 million. The line is expected to start revenue service by the end of 2019.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close