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TTX Co. will usher in a new president by late spring. Yesterday, the company announced its board elected Thomas Wells president and director, effective June 1.

He will assume the presidency from Andrew Reardon, who plans to retire Dec. 31. Reardon, who joined TTX in 1992 as VP of human resources, will continue to serve as chairman and chief executive officer until year's end.

A 25-year rail industry veteran, Wells joined TTX in 2001 as senior vice president of fleet management. He most recently served as executive VP. Wells previously held various railroad management positions, including assistant VP of intermodal services and director of service planning and asset control for Norfolk Southern Corp.

TTX manages a fleet of more than 200,000 rail cars in the United States, Canada and Mexico for its North American railroad owners.