Washington: Railway executive John Snow has been appointed as US Treasury Secretary in place of Paul O'Neill, who was recently sacked by President George W Bush as a part of a shake-up designed to control political damage from ailing economy, according to a media report.

The 63-year-old Snow, who is the chief of the freight transportation company CSX, has accepted the appointment, the Web edition of 'The Washington Post' reported on December 9.

However, Snow's appointment would need to be approved by a legal and financial review to be carried out by the White House, it said citing the Bush administration sources.

Snow, a former law and economics professor, had recently been serving as the co- chairman of Conference Board Commission on corporate governance.

O'Neill and chief economic advisor Larry Lindsey stepped down on December 6 after the White House asked them to quit. 'The Washington Post' also reported that Steven Friedman is to replace Lindsey. Friedman is former chairman of Goldman Sachs.

PTI