Hays T. Watkins
| Hays T. Watkins | |
|---|---|
| Born | January 26, 1926 Fern Creek, KY |
| 💀Died | July 29, 2022 Richmond, VAJuly 29, 2022 |
| 🎓 Alma mater | Bowling Green Business University (B.S.) Northwestern University (M.B.A) William and Mary (LL.D) |
| 💼 Occupation | Businessman |
| Known for | Former CEO of CSX Transportation |
| 👩 Spouse(s) | Betty Watkins |
| 👶 Children | 3 |
Hays T. Watkins (January 26, 1926 – July 29, 2022) was an American businessman and philanthropist, Chairman and CEO of CSX Transportation from 1971 until his retirement in 1991.
Early life and education
Watkins was born on January 26, 1926, on a farm in Henry County, Kentucky. [1] His father was a banker, who was laid off during the Great Depression, and a tobacco farmer. From a young age, he was known for his prowess with numbers. He attended Newcastle High School, graduating in 1942 at age 16.
Wanting to attend business school, he matriculated at Bowling Green Business School (now Western Kentucky University), where he studied accounting for 3 years. He was then drafted into the U.S. Army, where he spent a year stationed in Panama, despite studying Japanese in preparation for the planned invasion of Japan. After leaving the army in 1947, he completed his last year of school at Bowling Green. He then attended Northwestern University in Chicago, earning his MBA. [2]
While in Chicago, his fascination with trains grew. He spent his days taking pictures of the passenger trains going in and out of Chicago.
Career
After graduation, faced with the choice between railroading and accounting, he began working for the C&O Railroad in Cleveland in the finance department. [3]
A year later, he was transferred to Richmond, Virginia, where he worked under John Cusick, Vice President of Finance. Cusick moved Watkins to accounting, and eventually, after creating the department, into internal auditing. While in the internal auditing department, he thoroughly studied the cost of passenger rail, quantifying the decline in rail passenger demand.
While working under Cusick, he was frequently called on the phone late in the evening and moved to different departments. [1] Despite this, he continued to work for the C&O under Cusick.
He eventually moved into the general auditing department, becoming the Vice President of Finance. There he explored mergers, including the original feasibility study of a C&O/Baltimore and Ohio Railroad merger, one that eventually happened in December, 1962. [4]
CSX
He then became the President and CEO of C&O/B&O in 1971, following the retirement of Greg DeVine, sworn in during the April 1971 board meeting. In 1973 he also became the Chairman. [5] As CEO, he transformed the C&O, which by 1975 had become Chessie System, into a multi-modal company, including several more railroad mergers, Texas Gas Transmission, and Sea-Land Service for a brief period. In 1980, he became the CEO of CSX Corporation after a merger with Seaboard Coast Line Railroad, and in 1983 he became the CEO of CSX. [3] Watkins is responsible for the naming of CSX, the C standing for Chessie System, S for Seaboard Lines, and the X being a temporary designation for 'unknown or more'. [6]
Besides his work in the railroad industry, he also served as a director at various corporations, including Black & Decker, Westinghouse Electric, Signet Banking, as a rector on the Board of Visitors for William and Mary, and as a member of the Board of Trustees for the school of engineering at Virginia Commonwealth University. [7][5]
References
- ↑ 1.0 1.1 Watkins, Hays (May 12, 2021). "Hays T. Watkins Chairman and CEO (retired) CSX Interview Transcript" (Interview). The Spirit of the Railroaders. Interviewed by Bentz, Brooks. National Railroad Hall of Fame. Retrieved October 22, 2025.
- ↑ National Railroad Hall of Fame. "Hays T. Watkins". National Railroad Hall of Fame. Retrieved 22 October 2025.
- ↑ 3.0 3.1 Loving, Rush. "Hays Watkins, key figure in CSX merger, dies at 96 (updated)". Trains.com. Firecrown Media. Retrieved 22 October 2025.
- ↑ Solomon, Brian (2005). CSX. Saint Paul, MN: MBI Publishing Co. ISBN 978-0-7603-1796-9. OCLC 57641636. Search this book on
- ↑ 5.0 5.1 Jay, Erin. "Remembering former W&M Rector Hays T. Watkins". W&M News. William & Mary. Retrieved 22 October 2025.
- ↑ Luczac, Marybeth. "Hays Thomas Watkins, 96 (Updated)". Railway Age. Retrieved 22 October 2025.
- ↑ WKU Alumni Association. "MR. HAYS T. WATKINS". WKU Alumni Association. Western Kentucky University. Retrieved 22 October 2025.
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