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

FTA to reimburse L.A. Metro for early work on Purple Line extension

The approval also clears the way for Metro to take advantage of highly competitive tunnel contract bids, which have come in lower than expected.

FTA issues new ultimatum on Honolulu rail project

The FTA’s estimate puts rail’s price tag at $8.3 billion, which is $134 million more than the city’s budget estimate. HART now needs to find that additional money in the next 60 days.

Alstom debuts world's first hydrogen train entering passenger service

The zero-emission Coradia iLint, which debuted in Lower Saxony, Germany, can reach up to 140 km/h (90 mph).

WMATA announces contracting opportunity for Silver Line extension

Under the agency's plan to "Keep Metro Safe, Reliable and Affordable," the use of competitive contracting is recommended as a way to control operating and maintenance costs

Amtrak Pacifc Surfliner, MLB team up for rail safety awareness

Partners with San Diego Padres, Los Angeles Angels and California Operation Lifesaver to highlight the importance of safety around train tracks.

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