CSX Corp. today announced that its Board of Directors has named Steve Angel as president and chief executive, effective Sept. 28.
Angel, former CEO of gas and engineering giant Linde who had served as chairman of that company since 2022, succeeds Joe Hinrichs, who had been president, CEO, and board member.
Angel was also appointed to the CSX (NASDAQ: CSX) board.
The move comes as a surprise, as Hinrichs on Friday had hosted a high-profile media event to mark the re-opening of the Howard Street tunnel, a linchpin in the railroad’s plans to expand intermodal traffic into the Port of Baltimore.
Former Ford (NYSE: F) president Hinrichs was popular among CSX employees, making frequent visits along the railroad’s network and completing early contract agreements with some of the railroad’s unions.
But the company’s stock price had failed to show substantial improvement since Hinrichs joined CSX as president and CEO in late September 2022, succeeding James Foote. The railroad’s metrics had also trailed the other Class I carriers, leading activist investor Ancora Holdings this past summer to call for Hinrichs to step down.
The change in leadership also follows the announcement by Union Pacific (NYSE: UNP) and CSX eastern rival Norfolk Southern (NYSE: NSC) of an $85 billion merger that, if approved, would create the first U.S. transcontinental railroad.
Berkshire Hathaway (NYSE: BRK-B), parent of BNSF, then said that it would not pursue a merger with CSX, leaving the Jacksonville, Fla.-based carrier on the outside looking in amid a potential historic restructuring of the U.S. railroad industry.
CSX in a release said that it still expects to deliver full-year volume growth.
“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. The Board conducted a very targeted process, and Steve was the clear choice to lead CSX,” said John Zillmer, chairman of CSX. “The Board is laser-focused on advancing CSX’s strategic priorities and maximizing shareholder value, and we are confident Steve has the right skillset, expertise, and background to help us deliver our next phase of growth.”
Angel oversaw the merger of Linde (NASDAQ: LIN) and Praxair which created the world’s largest industrial gases and engineering company. Angel was CEO of Praxair from 2007-2018, and became CEO after the merger in 2018. He was named chairman in 2018, and plans to retire from Linde’s board in January 2026.
“I’m truly honored to step into the role of CEO and am grateful for the trust that John and the Board of Directors have placed in me,” said Angel, who started his career at General Electric (NYSE: GE), where he worked directly with locomotive and rail operations. “It’s a privilege to join a company with such a proud history and an incredibly dedicated team of over 23,000 employees who are working tirelessly to connect industries, communities, and economies. 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. 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.”