CSX Names Steve Angel as New CEO After Joe Hinrichs’ Departure

JACKSONVILLE, Fla. — CSX Corp. announced on Sept. 29 that Joe Hinrichs has left his position as president and CEO. Steve Angel, former CEO of Linde, will take over effective immediately.

The Jacksonville-based railroad company did not provide a reason for Hinrichs’ departure. His exit follows scrutiny from the activist investment firm Ancora Holdings Group, which had previously called for his resignation due to what they described as poor company performance.

CSX, facing rising competitive pressures following Union Pacific and Norfolk Southern‘s merger agreement, has been encouraged by Ancora to pursue a significant merger of its own to stay competitive. Despite these pressures, CSX has recently entered several agreements to enhance cooperation with other railroads, which Hinrichs argued negated the need for mergers.

An analyst commented, “While the leadership change raises questions about CSX’s direction, improvements in freight service show potential for growth.” Avant-garde expectations remain, particularly with Angel at the helm.

Angel, bringing over 45 years of executive experience, previously led Linde from 2018 to 2022 and before that was CEO of Praxair. “My top priorities will be to ensure railroad safety and boost value for shareholders,” Angel stated. “I look forward to continuing the momentum at CSX.”

Hinrichs commented on his departure, saying he is proud of the progress made during his tenure, citing improvements in performance and customer relations. He expressed confidence in Angel’s leadership and CSX’s future.

CSX shares rose by 2.7% following the announcement, indicating investor optimism about the new leadership. Angel’s initial compensation is set at $1.5 million base salary, with additional bonuses and stock options available based on company performance.