Marino Leaves RailAmerica

Marino Leaves RailAmerica

Copyright 2004, Traffic World, Inc.

Gary O. Marino has retired as president and CEO of shortline operating giant RailAmerica. Donald D. Redfearn will serve as acting president until the company''s board of directors replaces Marino.

Marino, 59, has served as CEO since 1994 and President since 1996. Under Marino''s watch the company merged with rival RailTex in 2000, instantly making RailAmerica the largest shortline operator in the world. Through its 47 rail properties RailAmerica generates revenues of approximately $360 million.

Last month RailAmerica sold Freight Australia, which operates rail lines in Southeast Australia, for $214 million to Pacific National, a leading Australian rail freight logistics company. Proceeds from the sale will "further strengthen the balance sheet and provide the capital for the company to bolster its strong footprint in the North American railroad industry," Marino said.