SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) November 11, 1998
Florida East Coast Industries, Inc.
(Exact name of Registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
2-89530 59-2349968
(Commission File Number) (IRS Employer Identification No.)
One Malaga Street, St. Augustine, FL 32085-1048
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 904-829-3421
1650 Prudential Drive, Jacksonville, FL 32207
(Former name or former address, if changed since last report)
ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS
======================================================
See the following Press Release dated November 11, 1998, announcing Mr. Carl F.
Zellers' intentions to retire December 31, 1998, and the election by the Board
of Directors of Mr. Robert W. Anestis to Chairman, President and Chief
Executive Officer effective January 1, 1999:
"FLORIDA EAST COAST INDUSTRIES, INC. (NYSE: FLA) NAMES
ROBERT W. ANESTIS CHAIRMAN AND CEO
St. Augustine, Florida-November 11, 1998-Carl F. Zellers, Jr., 66, Chairman,
President and Chief Executive Officer of FECI, announced today his intentions
to retire to pursue leisure interests after a 48 plus year career, the last
31 of which have been at FECI.
In a special meeting, the Board of Directors of Florida East Coast Industries,
Inc. (FECI) (NYSE: FLA) elected Robert W. Anestis, 53, Chairman, President and
Chief Executive Officer of the company effective January 1, 1999.
"The selection of Bob Anestis brings to FECI one of the finest leaders in the
transportation industry. Bob has worked in a number of consulting capacities
with FECI over the past several years and has become quite familiar with FECI's
properties both rail and realty. We are very excited to have the opportunity
to combine his talent and experience with FECI's extraordinary assets," said
Zellers. "Bob Anestis has dedicated his career to leading and advising
transportation companies on creating the highest value from their rail as well
as non-rail assets."
"I am delighted to be a part of a company that has had an immense impact on the
development of Florida," said Anestis. "Our objective will be to find new
approaches to improve the performance of FECI's extraordinary assets and
talented team. This is a company with a future that can be even more dynamic
than its past."
Anestis currently is President and CEO of Anestis & Company, a financial
consulting firm that he founded in 1986 in Westport, Connecticut. Through his
firm, Anestis has provided extensive strategic financial and transactional
consulting services to the major rail carriers in the U.S. and Canada, and has
also worked as an advisor and as an investor in a number of other industries.
In 1982, Anestis joined Guilford Transportation Industries, Inc., a private
holding company based in the Northeast. As Executive Vice President and Chief
Planning and Financial Officer and a Director, he was responsible for the
negotiation, structuring, and financing of a series of rail acquisitions
creating a $300 million rail system from a startup. In 1984, Anestis was
appointed President of Guilford where he focused on financial and acquisition
activity, as well as creating a new real estate division and bringing out the
value of Guilford's non-rail assets. Anestis practiced law from 1971 to 1982
with the law firm of Kirkpatrick & Lockhart, LLP, where he became a partner
in 1977, with a corporate law practice centered on mergers and acquisitions.
A graduate of Yale University, Anestis earned his M.B.A. and Law degree from
Harvard University. Anestis also served in the United States Air Force as a
Captain in the Judge Advocate General Corps.
Zellers devoted his five-decade career to the railroad industry, beginning in
1950, with Atlantic Coast Line Railroad Company in Wilmington, NC. Zellers
joined FECI in 1968 as Assistant Comptroller. Zellers' career at FECI
consists of one milestone after another; he became President of Gran Central
Corporation in 1984, President of FECI in 1992, and has served as Chairman,
President and CEO of FECI since May 21, 1997.
The principal operations of Florida East Coast Industries, Inc., a publicly
held company based in St. Augustine, Florida, and its subsidiaries primarily
relate to the transportation of goods by rail and to the development,
leasing, management and sale of real estate. Both the transportation and
realty operations are located within the state of Florida. The company has
recently begun systematically reviewing and developing its potential in the
telecommunications business and has interests in the trucking business. The
railroad right-of-way extends from Jacksonville to Miami and is generally
located between U.S. 1 and I-95."
SIGNATURE
=========
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FLORIDA EAST COAST INDUSTRIES, INC.
BY: s/s T. Neal Smith
Vice President & Secretary
Dated: 11/11/98
