"The outgoing CEO, who came to the railroad in 2022 after a long career with Ford, focused on repairing CSX's relationship with its workers and labor unions and unifying the team after a bitter contract fight. But Ancora Holdings, which helped spur major changes at Norfolk Southern, said CSX's operating performance deteriorated significantly under Hinrichs' leadership. Hinrichs resigned to clear the way for Steve Angel to become CEO effective Sunday."
"Angel, 70, also comes from outside the rail industry although earlier in his career he oversaw GE's locomotive building unit, so he does have that experience. CSX said he has 45 years experience leading large public companies, including most recently as CEO of Linde and Praxair. "We are excited to welcome Steve as our new CEO. He is a visionary in creating long-term value and an expert in guiding companies through significant transformation," the railroad's board Chairman John Zillmer said."
"Ancora said CSX has delivered disappointing shareholder returns and poor financial performance during Hinrichs' tenure. But over the past year, CSX was working on two major construction projects - repairs from Hurricane Helene and a major tunnel renovation in Baltimore - that disrupted the railroad. Both those projects were just completed this month, so CSX's performance was expected to improve in the fourth quarter."
CSX replaced CEO Joe Hinrichs with Steve Angel amid investor pressure and criticism of deteriorating operating performance. Hinrichs joined in 2022 from Ford and focused on repairing labor relations and unifying the team after a bitter contract fight. Ancora Holdings said performance worsened under Hinrichs and criticized shareholder returns. Angel, 70, has 45 years of experience leading large public companies and earlier experience overseeing GE's locomotive building unit; most recently he led Linde and Praxair. CSX completed major construction projects this month—Hurricane Helene repairs and a Baltimore tunnel renovation—that had disrupted operations, with performance expected to improve in the fourth quarter.
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