BUSINESS
CSX railroad replaces CEO after investor pressure and poor performance as Union Pacific merger looms

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A CSX freight pulls through Ohiopyle, Pa., on Tuesday, Aug. 19, 2025. (AP Photo/Gene J. Puskar, file)

BY JOSH FUNK
Updated 5:19 PM EDT, September 29, 2025

CSX railroad announced Monday that it had replaced its CEO less than two months after an investment fund urged it to either find another railroad to merge with to better compete with the proposed transcontinental Union Pacific railroad or fire outgoing CEO Joe Hinrichs.

The outgoing CEO, who came to the railroad in 2022 after a long career with Ford, focused on repairing CSX’s relationship with its workers and labor unions and unifying the team after a bitter contract fight. But Ancora Holdings, which helped spur major changes at Norfolk Southern, said CSX’s operating performance deteriorated significantly under Hinrichs’ leadership. Hinrichs resigned to clear the way for Steve Angel to become CEO effective Sunday.

Angel, 70, also comes from outside the rail industry although earlier in his career he oversaw GE’s locomotive building unit, so he does have that experience. CSX said he has 45 years experience leading large public companies, including most recently as CEO of Linde and Praxair that provide industrial gasses to other companies.

“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 railroad’s board Chairman John Zillmer said.

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