Steve Angel Succeeds Joe Hinrichs As CSX CEO

CSX Corp. (CSX) shares drew investor attention on Monday morning after the company named Steve Angel as its President and Chief Executive Officer.

Angel, who has joined the board, assumed all three roles effective September 28, succeeding Joe Hinrichs. CSX stated that Angel will work closely with the board and management team to ensure a seamless transition of leadership. CSX’s stock rose nearly 3% in pre-market trade. On Stocktwits, retail sentiment around the company rose to ‘bullish’ from ‘neutral’ over the past day. 

CSX did not give a reason for Hinrichs’s exit. The leadership change follows months of pressure from activist investors, including Ancora Holdings, which has criticized the railroad’s performance and urged a merger to keep pace with industry consolidation. The company had reportedly hired Goldman Sachs to explore strategic options in July.

Angel, the former CEO of industrial gas giant Linde and most recently chair of GE Vernova, steps in as CSX faces heightened competition after Union Pacific and Norfolk Southern announced an $85 billion merger now under regulatory review. 

In a LinkedIn post, Hinrichs thanked CSX’s 23,000 employees for their support over his three-year tenure. “As my time as CEO of CSX comes to an end, I want to thank all 23,000 CSX employees for your support and efforts over these last three years,” he wrote.

Activist pressure has fueled speculation about potential bids. “There’s one buyer for this railroad, and that’s Berkshire Hathaway,” CNBC’s Jim Cramer said, questioning whether CSX’s board is preparing for a deal. CSX has pursued partnerships, such as network-sharing with Berkshire Hathaway’s BNSF Railway, to expand service without triggering lengthy merger approvals.

Read also: EA Stock Jumps Pre-Market After Announcing $55 Billion Acquisition By PIF, Silver Lake, Affinity Partners

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