CSX Corp on Monday appointed Steve Angel as its new chief executive officer, replacing Joe Hinrichs, in a leadership shake-up that comes as the US railroad industry faces heightened consolidation and investor scrutiny.
Shares of CSX rose about 3% in premarket trading following the announcement.
The move follows pressure from activist investor Ancora Holdings, which last month urged the Jacksonville, Florida-based company either to seek a merger with a rival or replace its leadership in the wake of Union Pacific’s $85 billion takeover of Norfolk Southern.
CSX said Angel will also serve as president and join the board, with a mandate to work closely with directors and management to ensure a seamless transition.
CSX said Hinrichs entered into a separation agreement that includes benefits under his employment contract.
Steve Angel- a veteran executive with decades of experience
Angel, 70, brings more than 45 years of experience leading large public companies.
He previously served as chief executive of industrial gases group Linde from 2018 to 2022, overseeing its integration with Praxair in one of the largest mergers in the sector.
He was then named chairman of Linde’s board, a role he will step down from in January 2026.
Before that, Angel was chairman, president, and CEO of Praxair from 2007 to 2018, following more than two decades at General Electric in a variety of management roles.
CSX said his leadership record made him well-suited to steer the company through a period of strategic uncertainty.
As CEO, Angel will receive an annual salary of $1.5 million, with eligibility for a bonus of up to 175% of base pay.
He will also be awarded a sign-on equity package, according to a recent filing with the Securities and Exchange Commission.
Industry consolidation heightens pressure
The appointment comes at a pivotal moment for the railroad industry.
Union Pacific’s blockbuster deal for Norfolk Southern, announced earlier this year, has intensified speculation that further consolidation is likely, particularly under the Trump administration’s more relaxed stance on antitrust enforcement.
Analysts note that CSX has already signaled openness to deals that would boost shareholder value.
Wells Fargo analyst Christian Wetherbee upgraded CSX shares to Buy from Hold last week, raising his price target to $40 from $37.
He cited improving operations, new commercial agreements, and customer diversification as likely to lift volumes.
In August, CSX also announced a partnership with Berkshire Hathaway-owned BNSF for intermodal shipping, a collaboration that could generate as much as $375 million in additional annual revenue.
For now, investors appear to have welcomed the leadership change, betting that Angel’s experience with large-scale mergers and operational integration could position CSX more competitively in a fast-changing rail sector.
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