Thomas G. Hoback will retire from the Indiana Rail Road Co. on June 30, 2015, and CSX Transportation executive Peter Mills will take his place.
Hoback, 67, started the Indianapolis-based company in 1986, building a regional railroad out of a defunct branch line.
“After nearly 30 years of concentrated focus on growth, and having reinvested nearly $200 million of our earnings into improvements, [Indiana Rail Road] is in the best physical condition it has ever been,” Hoback said in a prepared statement.
Hoback’s successor, Mills, has served on the company’s board for 10 years. He is vice president of finance operations for Florida-based CSX Transportation but plans to resign next year and move to Indianapolis.
Indiana Rail Road began with 16 employees and now has nearly 200.•