FreightCar America CFO is leaving

By Associated Press
Posted Aug. 27, 2010 at 11:13 a.m.

FreightCar America Inc. said Friday that its chief financial officer left the company “to pursue new opportunities,” and named a replacement who will take over Sept. 13.

The company said Christopher L. Nagel left the company by mutual consent.

Nagel will be replaced by Joseph E. McNeely, 45, who has spent the last 10 years in the railcar industry. Most recently, he was vice president at Mitsui Rail Capital LLC, a subsidiary of Mitsui and Co. He previously held executive jobs at GATX Corp.

Nagel’s departure comes nine months after the company’s previous CEO left, also “by mutual consent.”

FreightCar makes railcars that carry coal and other freight. The company has struggled with a downturn in demand for the cars that started during the recession. For 2009, it earned $4.9 million on revenue of $248.5 million — down from sales of $746.4 million in 2008.

The shares rose 22 cents to $22.30 in morning trading.

Read more about the topics in this post: , , ,

Companies in this article

Comments are closed.