CSX Corp. said Monday it has appointed veteran executive Steve Angel as its new president and chief executive officer, effective Sept. 28, following the departure of Joe Hinrichs after three years at the helm.
“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,” CSX Chairman John Zillmer said in a statement. “The board conducted a very targeted process, and Steve was the clear choice to lead CSX.”
The Jacksonville, Fla.-based Class I railroad company, which operates a network that connects every major metropolitan area in the eastern United States and links more than 240 short-line railroads with over 70 ocean, river, and lake ports, did not provide an explanation about Hinrichs’ departure. Zillmer said that the CSX Board of Directors is “laser-focused” on advancing CSX’s strategic priorities and maximizing shareholder value.
“We are confident Steve has the right skillset, expertise, and background to help us deliver our next phase of growth,” he said.
Not all stakeholders, however, framed the transition solely as a seamless handoff. Ancora Holdings Group LLC, a Cleveland-based activist investment firm, credited the CSX board for listening to shareholders and ousting Hinrichs after it received a letter last month from Ancora describing Hinrichs’ “value-destructive tenure.”
In that letter, Ancora urged the CSX board to terminate Henrichs if he could not quickly position CSX to catch up to the railroads that it says have embraced the need for transcontinental service in the United States. Union Pacific Corp. and Norfolk Southern Corp. announced a merger agreement in July to create America’s first transcontinental railroad.
“As we expected, Mr. Hinrichs botched the opportunity and, if anything, appeared to try to fight the tailwinds of consolidation,” said Fredrick DiSanto, chairman and CEO of Ancora Holdings Group, and James Chadwick, president of Ancora Alternatives LLC, in a joint statement released Monday. “We expect the board and Mr. Angel to be far more proactive when it comes to pursuing multiple opportunities to increase shareholder value and identifying a willing partner to merge with.”
The Ancora executives also said it’s “regrettable that Mr. Hinrichs’ actions forced us to go public and loudly push for a leadership change,” calling their actions “a cautionary tale for all corporate leaders who consider putting their own agenda ahead of shareholders’ best interests.”
Incoming leader
Angel, 67, also joins CSX’s board of directors. He will work closely with the board and management team to ensure a smooth transition, according to CSX, which also said that its operating performance remains strong and it continues to expect full-year volume growth.
Over Angel’s long career as CEO of Linde plc, and its predecessor Praxair Inc., companies under his leadership have created significant and sustained shareholder value, according to CSX, which reported that during Angel’s tenures, Linde and Praxair generated total shareholder returns of 219 percent and 257 percent, respectively.
Since the combination of Linde AG and Praxair, the company’s market capitalization has grown by 141 percent, a $131-billion increase in value that has created the world’s largest industrial gases and engineering company.
Angel was CEO of Praxair from 2007-2018. After its merger with Linde in 2018, he became CEO of the combined company until 2022, when he was named chairman. He plans to retire from Linde’s board in January 2026.
Angel, who began his career at General Electric working directly with locomotive and rail operations, spent 22 years at GE in a variety of management positions.
Today, he also wrote a letter to employees saying he’s honored to join a company with a proud history and a dedicated team of more than 23,000 employees.
“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,” wrote Angel, who will host an Oct. 1 town hall with CSX employees. “I look forward to working in partnership with the team and the board as we continue to build on CSX’s strong momentum, advancing key initiatives aimed at driving long-term growth.”
Additionally, Angel will continue to serve as non-executive chairman of GE Vernova and sits on the boards of GE Aerospace and Stoke Space Technologies.
No reason offered
CSX did not elaborate on Hinrichs’ departure in its released statement.
“On behalf of the board, I also want to sincerely thank [Hinrichs] for his leadership over the past three years. We appreciate his service and his many contributions to CSX,” said Zillmer. “His dedication to strengthening our operations and investing in our people and culture has laid a strong foundation as we enter this exciting next chapter.”
Hinrichs, who joined CSX in 2022 after a career in the auto industry, also posted a farewell letter earlier today on LinkedIn, saying it was a privilege to serve as CEO of CSX.
“Just over three years ago I came out of retirement to become president and CEO of CSX,” wrote Hinrichs. “I was the first outsider to come in as CEO in the rail industry and also the first one who had actually been a major rail customer, so I knew the industry from an outsider’s perspective.”
“I am proud that during my tenure we were able to lead an effort to focus on improving the employee experience and customer service while leveraging a strong operating model to deliver shareholder returns,” he added.
Hinrichs also said he has “full confidence” that under Angel’s and the board’s leadership, the company will continue to grow stronger, delivering lasting value to all stakeholders.