BSNF Railway CEO Matt Rose will leave his post at the end of the year to become executive chairman, relinquishing his position to Carl Ice, the railroad’s president and chief operating officer.
Rose, who has helped make the railroad one of the most profitable in North America, will continue to work in his new role to support the railroad’s growth and investment strategy. Rose is considered by many as a potential sucessor of Warren Buffet, head of Berkshire Hathaway, the owner of BNSF.
Ice, who has been with the railroad for 34 years, in 1995 led the team that managed the merger and subsequent integration of Burlington Northern Railroad and Santa Fe Railway. He has also been key to developing the Class I railroad’s operating and marketing plans, according to a news release.
“For over a decade, Carl has worked alongside me, and his assumption of the CEO title is a natural and well-deserved transition,” said Rose. “I am pleased for him and the organization, and the continuity he represents as he undertakes the leadership of this role.”
BNSF’s profit rose nearly 5.6 percent year-over-year to $989 million in the third quarter, as revenue expanded 5.8 percent on a 4.6 percent gain in volume. A 5.4 percent increase in intermodal traffic helped push total revenue to $5.65 billion in the period, according to a third quarter financial release and traffic statistics. Domestic shipments drove the majority of the intermodal volume gains, the company said in its third quarter filing.