President Bush on Monday nominated John W. Snow, chairman and chief executive officer of CSX Corp., a freight and transport firm, to replace Treasury Secretary Paul O'Neill.

"John Snow has excelled as a business leader, an expert on economic policy, an academic, and as a public servant," Bush said. "He'll be a superb member of my Cabinet."
Snow, 63, a former Ford administration official who has donated thousands of dollars to Bush and other GOP campaigns, will play a critical role in promoting a soon-to-be-announced White House economic package, the president said.
"In a varied and productive career, John Snow has shown consistent qualities of foresight and integrity and public spirit," Bush said. "He's led one of our nation's largest railroads with skill and success."
Commenting on Monday's nomination, William Canary, president and CEO of the American Trucking Assns., said, "President Bush's nomination of John Snow as treasury secretary demonstrates his commitment to ensuring a strong economy for all Americans.
"With this nomination, the president gives a clear indication that freight movement is the backbone of the American economy. Secretary-designate Snow's contributions to the U.S. transportation industry are highly regarded by many. His level of experience is critical at a very important time in our nation's economic history. Secretary-designate Snow's accomplishments at taking on major challenges in his business and succeeding will pay off for a nation in need of a new economic balance. The American trucking industry wishes Snow well in this very important endeavor."
Bush nominated Snow just three days after firing O'Neill and White House economic adviser Larry Lindsey as part of a shake-up designed to control political damage from the ailing economy. Harvey Pitt, criticized for failing to shield Bush politically from the corporate abuse scandals, resigned on Election Day as chairman of the Securities and Exchange Commission.
The president is close to naming successors to Lindsey and Pitt, aides said.