NEW YORK — CSX Corp. Chairman and CEO John Snow, who the Bush administration has tapped to be the new Treasury secretary, will sell his CSX stock holdings if Congress confirms his nomination, Dow Jones Newswires reported, citing a White House spokeswoman.
Snow was chosen by President George W. Bush on Monday to succeed current Treasury Secretary Paul O’Neill.
“Mr. Snow is committed to the highest ethical standards and has chosen to divest all his CSX holdings as well as other financial interests,” the wire service quoted White House spokeswoman Claire Buchan as saying.
Snow held 1.7 million CSX common shares as of February 22, Dow reported, citing his most recent ownership disclosure filed with the Securities and Exchange Commission.
After facing a storm of criticism for a clause in his severance deal that would earn him millions if he took a government job, Snow said on Tuesday he would forgo any future compensation or benefits from CSX if the nomination goes through.