CSX Corp. has appointed Steve Angel as its new president and chief executive officer, effective September 28. Angel, who will also join the company’s board, succeeds Joe Hinrichs in the role.
The announcement came as a surprise, particularly as Hinrichs had hosted a major media event last Friday to mark the reopening of the Howard Street tunnel, a key project for expanding the railroad’s traffic into the Port of Baltimore.
Angel previously served as CEO of industrial gas and engineering giant Linde, becoming chairman in 2022 after overseeing the merger between Linde and Praxair.
Hinrichs, a former Ford president, had led CSX since September 2022. While popular with employees and credited with securing early contract agreements with unions, his tenure saw the company’s stock price stagnate and its performance metrics lag behind other Class I carriers. This past summer, activist investor Ancora Holdings called for his resignation.
The leadership change occurs amid a shifting industry landscape. CSX’s eastern rival, Norfolk Southern, and Union Pacific have announced a potential $85 billion merger that would form the first U.S. transcontinental railroad. Meanwhile, BNSF parent company Berkshire Hathaway has stated it will not pursue a merger with CSX, potentially isolating the Jacksonville-based carrier.
CSX Chairman John Zillmer praised the new CEO, stating, “He is a visionary in creating long-term value and an expert in guiding companies through significant transformation. The Board is laser-focused on advancing CSX’s strategic priorities and maximizing shareholder value, and we are confident Steve has the right skillset… to help us deliver our next phase of growth.”
Angel, who began his career at General Electric working with locomotive and rail operations, said he was honored to accept the position. “My top priorities will be to ensure the safety of the railroad and our employees, deliver reliable service to our customers, and increase value for our shareholders,” he stated.
Despite the executive transition, CSX said it still expects to deliver full-year volume growth.
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