CSX CEO Joe Hinrichs Abruptly Departs
Steve Angel Takes Over as Railroad Faces Activist Pressure
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CSX Corp. named Steve Angel as its new CEO following the abrupt departure of Joe Hinrichs, overhauling the railroad’s leadership as it faces pressure from an activist investor and rising competitive challenges.
Angel, the former head of Linde Plc and Praxair Inc., took over as CSX’s top executive and joined the board effective Sept. 28, .
Linde (North America) ranks No 29 on the Transport Topics Top 100 list of largest private carriers in North America, and No. 2 on the Transport Topics list of top industrial gases carriers.
CSX didn’t specify the reasons for Hinrichs’ exit.
The move injects uncertainty into the company’s strategy as it faces competitive challenges from the merger of rivals Norfolk Southern Corp. and Union Pacific Corp., a deal that would create the first transcontinental railroad in the US.
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Bloomberg News reported in July that CSX was working with Goldman Sachs Group Inc. to explore options for a deal of its own.
Activist investor Ancora Holdings Group has been building a stake in CSX and has criticized the railroad for what it calls poor performance. The firm recently called for the termination of Hinrichs if CSX fails to pursue a merger aggressively.
CSX shares rose 2.7% at 8:17 a.m. before the start of regular trading in New York. The stock has gained about 5.4% this year, trailing the S&P 500 Index’s 13% advance.
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