However, the company did not specify the reason behind Hinrichs’ sudden exit. According to a company statement, Angel, the former head of Linde Plc and Praxair Inc., took over as the CEO and joined the board effective September 28.
Competitive and investor challenges
The leadership overhaul comes as the company faces significant pressure from an activist investor and rising competitive challenges.
The merger of its rivals, Norfolk Southern Corp. and Union Pacific Corp., threatens to create the first transcontinental railroad in the US. In response to this shifting landscape, Bloomberg News reported in July that CSX was working with Goldman Sachs Group Inc. to explore options for a deal of its own.
Another issue that the company is facing is being exposed to strong criticism from activist investor Ancora Holdings Group, which has been building a stake in CSX. Ancora has publicly called out the railroad for its ‘poor’ performance and recently demanded the termination of Hinrichs if CSX fails to aggressively pursue a merger.
CSX shares rose around 3 per cent at 8 AM before the start of regular trading in New York. The stock has gained about 5.4 per cent this year. According to Reutersthe company has said it was open to exploring all ways to boost the value of its stock, further reiterating that it expects full-year volume growth.
Who is Steve Angel?
Steve Angel has served as Linde Chief Executive Officer from 2018 to 2022, and Chairman since 2022. He plans to retire from Linde’s Board on January 31, 2026.
Angel began his career at General Electric, where he spent 22 years in multiple management positions in locomotive and rail operations.
“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,” Angel said in a statement after starting his role.
