rLOS ANGELES FreightCar America Inc. has appointed Joseph E. McNeely as chief executive officer. He is currently president and chief operating officer.
McNeely succeeds Ed Whalen, a 22-year veteran of the company, who is retiring as chief executive officer and resigning from the Chicago-based rail car builders board of directors.
McNeely joined FreightCar in 2010 as chief financial officer and was named president and chief operating officer this past May. Prior to FreightCar, McNeely was vice president of sales and marketing for Chicago-based Mitsui Rail Capital LLC. He previously was vice president of finance for Chicago-based GATX Corp.s GATX Rail unit.
FreightCar posted a $3.4-million net loss in the second quarter as coal car deliveries fell 33.8 percent compared with the first quarter and declined 74.5 percent year on year. However, the company said it received unexpected orders for more than 5,500 cars after the quarter ended, 4,000 of which were for rebuilt coal cars (amm.com, Aug. 5).
Earlier this year, FreightCar opened a facility in Shoals, Ala., to produce non-coal cars as part of the companys effort to diversity away from its dependence on coal cars.
McNeely will continue to pursue the companys "key initiatives," including expanding its non-coal car products and growing its rail car parts and services, he said in a statement.