Joe Hinrichs out after 3 years as CEO at CSX

Joe Hinrichs is out as CEO of Jacksonville-based CSX Corp.

CSX gave no reason for Hinrichs’ departure. The company appointed Linde PLC Chairman Steve Angel as its new president and CEO.

Angel has 45 years of experience leading large, public companies, most recently as chairman of Linde, a global industrial gases and engineering company based in Ireland. 

In a news release Sunday, Angel said he is honored to take over CSX.

“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,” he said. “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.” 

CSX board Chairman John Zillmer called Angel 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,” Zillmer said in the news release. “The board is laser-focused on advancing CSX’s strategic priorities and maximizing shareholder value, and we are confident Steve has the right skill set, expertise, and background to help us deliver our next phase of growth.” 

Hinrichs’ tenure

The switch in leadership came three days after Hinrichs, the industry’s Railroader of the Year, celebrated his term as CEO as “a wild three years” in a Facebook post and video interview.

In the news release Sunday, Hinrich said he is proud of progress the company has made in improving performance, strengthening customer relationships and building a culture centered on safety and collaboration.

“I am grateful to our team for their hard work and commitment,” Hinrichs said. “They are among the best and brightest in the business. I leave with pride for all that we have accomplished together.”

Eight days before his departure, The Wall Street Journal and other news services reported that Ancora Holdings, a wealth management and advisory firm based in Cleveland, planned to force CSX to begin merger talks with BNSF or Canadian Pacific Kansas City.

If one or the other rival rail freight companies was not bought, then Ancora said CSX should replace Hinrichs, according to a letter reviewed by the Journal.

Ancora also said it was ready to launch a proxy fight for board seats later this year if CSX didn’t heed its advice.

The statements followed an announcement in late July that Union Pacific had reached a $71.5 billion agreement to buy Norfolk Southern and create the country’s first coast-to-coast railroad operator in U.S. history.

According to TrainsPRO, a rail industry website, Ancora questioned whether Hinrichs had missed the chance to merge with Union Pacific, something Hinrichs disputed in a letter to employees Aug. 20.

“I want to assure you that your leadership team will not allow anyone to undermine the incredible progress you have made,” Hinrichs said in the letter, quoted in the TrainsPRO’s story. “Together, we have faced significant challenges and emerged as one of the top-performing railroads in the industry.”

CSX operates a 20,000-mile rail network shipping 3.4 million rail cars worth of freight annually in 26 states east of the Mississippi River, as well as Ontario and Quebec.

The corporation’s Proxy Statement for this year states that it generated $14.5 billion in revenue for 2024 and made $2.5 billion in capital investments including modernization of the Howard Street Tunnel in Baltimore to handle double-stack intermodal service along its Interstate 95 rail corridor. CSX also acquired the rail lines operated by Genesee & Wyoming Inc.’s Meridian & Bigbee Railroad.

Just over a year ago, CSX laid off about 125 managers in companywide realignment. A spokesperson said then that the changes to its management structure reached “various functions of the organization.”

Its first quarter 2025 financial report, released April 16, CSX announced a $1.04 billion operating income, compared to $1.34 billion in the prior year.

Its net income was $646 million, compared to $880 million for the same period last year. Total volume was 1.52 million units for the quarter, 1% lower compared to first quarter of 2024.

Total revenue was $3.42 billion for the quarter, decreasing 7% year-over-year, as declines in coal revenue, fuel surcharge and merchandise volume were only partially offset by the effects of higher merchandise pricing and growth in intermodal volume.

In a interview with Jacksonville Today in April, Hinrich said CSX was encouraged by the industrial development it was seeing in its railroad network, primarily in the Southeast and Midwest.

“It has really picked up in the first quarter, and we have over 600 projects underway right now, with customers looking for land connected to our network to possibly bring work to the United States or into our region – that’s encouraging,” he said.

“On the shipping front, a lot of the Asian countries ship into the West Coast ports. But if we do more trade with Europe, India or other parts of central Asia, a lot of that activity can flow into East Coast ports.”

Hinrich said CSX planned to intensely watch trade balances between East and West Coast ports, JaxPort one of those. And because CSX is located east of the Mississippi, “East Coast ports are really important to us,” he added.

New CEO has railroad experience

Angel, a native of Winston-Salem, has been chairman of Linde since 2022, after serving as its CEO beginning in 2018. During his tenure, he oversaw the integration of Linde AG and Praxair Inc.

Before the merger, Angel served as Praxair’s chairman, CEO and president from 2007 to 2018, after joining it in 2001. 

Angel began his career at General Electric, where he spent 22 years in a variety of management positions, working directly with locomotive and rail operations. He will retire from Linde’s board as of Jan. 31.

CSX has had five CEOs since 1989: John Snow, Michael Ward, E. Hunter Harrison, James Foote and Hinrich, who came out of retirement in 2022 to take the job.