JACKSONVILLE, Fla. — CSX today named former Linde CEO Steve Angel as its new chief executive, replacing Joe Hinrichs, who led the company for three years but attracted criticism this summer from an activist investor after the railroad’s financial and operational performance slipped.
“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,” CSX Chairman John Zillmer said in a statement. “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 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 chair. He plans to retire from Linde’s board in January 2026. He began his career at General Electric, where he held a variety of management positions for over 22 years, including at GE Transportation’s locomotive and rail operations.
“That experience sparked an interest in the railroad industry that has stayed with me ever since,” Angel said in a message to CSX employees this morning.
This is the second time in a row that CSX has selected a CEO who is both an industry outsider and a former customer of the railroad. Hinrichs was a former Ford and GM executive. Linde is among CSX’s customers.
“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,” Angel said in a statement. “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.”
A native of Winston-Salem, N.C., Angel holds a degree in civil engineering from North Carolina State University and an MBA from Loyola College in Baltimore.
Independent analyst Anthony B. Hatch said he was “stunned” that CSX named a new CEO. CSX’s stock jumped more than 3% in early trading this morning.
Hinrichs improved labor relations, Hatch said, and the railroad had just completed a pair of major projects — the Howard Street Tunnel clearance project and rebuild of the Blue Ridge Subdivision — ahead of schedule. CSX also was on pace to hit financial targets outlined in November as part of a three-year plan, Hatch says.
“I don’t get it. I don’t understand it,” Hatch says.
In a sharply worded Aug. 6 letter, Ancora Holdings urged the CSX board to replace Hinrichs due to what it called “anemic stockholder returns,” “disastrous operational performance,” and “poor personnel selection” in the form of “a leadership team of junior varsity executives.” The Cleveland-based activist investor also was critical of the railroad’s failure to pursue merger discussions.
In a statement, Zillmer thanked Hinrichs for his leadership. “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,” he said.
Hinrichs said it was a privilege to lead the railroad. “I am proud of the progress we have made in improving performance, strengthening customer relationships, and building a culture centered on safety and collaboration,” Hinrichs said in a statement. “I am grateful to our team for their hard work and commitment — they are among the best and brightest in the business. I leave with pride for all that we have accomplished together and have full confidence that under Steve and the Board’s leadership, the Company will continue to grow stronger, delivering lasting value to all our stakeholders.”
I’ve lost all hope for common sense in corporate board rooms. Particularly the railroads’ board rooms. Howard Street Tunnel’s planned closure and loss of the former Clinchfield in very UNplanned fashion dealt CSX a very unexpected – yet temporary – operational crisis. Ancora know about 0 percent of what they think they know about railroading, made worse by the vindictive and bitter “consulting” of one Jamie Boychuk. And the CSX BoD just let him get his revenge and Ancora get their extremely short-sighted win. Great. This once-proud and dignified industry continues to suffer under this senseless, harsh and greedy environment.
The only priority is quarterly returns. Customers and employees be damned. The solution is the same as it was a century and a half ago: regulation. In the current environment, there is no hope of that.