In late 2007, in a move surprising to many employees and railroad industry observers alike, the FEC was purchased for over US$3 billion (including non-rail assets) by Fortress Investment Group, the principal investors who also control short line railroad operator RailAmerica. John Giles was named chairman, and David Rohal was named president. Both men were also principals with major responsibilities at RailAmerica as well, although the ownership of FEC and RailAmerica were not linked corporately, and the spinoff of RailAmerica as a publicly traded company did not include FEC.