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

Ill. bill doubles fines for drivers who illegally cross railroad tracks

The legislation doubles the fines from $250 to $500 for a first offense and from $500 to $1,000 for a second or subsequent offense.

FTA's Flowers testifies on D.C. Metro rail safety oversight progress

Through a comprehensive Safety Management Inspection, three Safety Directives, two immediate action letters, and ongoing inspection and investigation activity FTA safety oversight is requiring WMATA to take numerous positive actions to improve safety for passengers and workers.

Siemens consortium to deliver 22 trains to Bangkok

Delivery of the first metro trains is scheduled in 2018, and the order will be completed in the following year.

Sacramento RT considering closing light rail line indefinitely

The agency opened its $44 million Green Line only four years ago; however, the line currently averages only 440 boardings a day with limited service, and costs RT $330,000 annually to operate.

L.A. Metro celebrates launch of Expo Line to Santa Monica

The 6.6-mile Expo extension runs from Culver City to Santa Monica and includes seven stations. Ridership on the new portion is projected to total 18,000 to 20,000 weekday boardings after the first year of service. The travel time from downtown L.A. to the Downtown Santa Monica Station is 48 minutes.

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