Overview

• CSX’s board removed Joseph Hinrichs and appointed Steve Angel as president and CEO, effective Sunday.
• Ancora Holdings had urged CSX to hire advisors to seek a merger partner or replace Hinrichs and warned it could pursue a proxy fight; the firm praised Angel’s appointment and called for proactive deal pursuit.
• Angel previously led Praxair and then the combined Linde, bringing a record of large-scale integrations and early career experience with locomotive and rail operations at General Electric.
• CSX said operating performance remains strong and it still expects full-year volume growth, while the stock rose more than 5 percent on the leadership change.
• The shift comes as Union Pacific and Norfolk Southern pursue a merger pending Surface Transportation Board approval with President Donald Trump’s endorsement, while Warren Buffett signaled BNSF would not bid for CSX and instead launched new intermodal services in partnership with CSX; analysts caution near-term M&A is unlikely.