CSX board replaces Joe Hinrichs with Steve Angel as president, CEO

Editor's note: This story has been updated with comments from Ancora Holdings LLC.

CSX's board today announced that it has named Steve Angel president and CEO to succeed Joe Hinrichs, who has departed the company.

Angel is an executive with 45 years of experience "leading large, public companies and generating strong shareholder returns," according to a CSX press release. He is the former CEO of Linde plc and its predecessor Praxair Inc. During his tenure at those companies, they generated shareholder returns of 219% and 257%, respectively. 

"He has has a long and proven track record of leading high-performing teams, fostering a collaborative culture and driving operational excellence and growth, while maintaining disciplined capital allocation and attractive returns on capital," according to the release.

Angel was CEO of Praxair from 2007 to 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 and worked directly with locomotive and rail operations.

"My top priorities [at CSX] will be to ensure the safety of the railroad and our employees, deliver reliable service to our customers and increase value for our shareholders," said Angel. "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.”

The change in CSX leadership comes as the Class I faces pressure from activist investor Ancora Holdings LLC and industry consolidation with the proposed merger between rivals Union Pacific Railroad and Norfolk Southern Railway.

In a statement issued today, Ancora praised the CSX board's decision to replace Hinrichs. In an August letter, Ancora had called on the board to explore merger options in light of the UP-NS proposed merger. Ancora said then that Hinrichs had taken "missteps" that put CSX in a position to play "catch up" to the UP-NS transcontinental merger.

"With President Donald Trump and other policymakers recently expressing enthusiasm for the benefits of a transcontinental railroad, CSX and other Class I railroads have no choice but to embrace the industry’s new realities," Ancora officials said in today's statement. "Although Steve Angel is not a railroader by trade, his M&A pedigree and value creation record indicate his appointment is an initial step in the right direction for CSX."

Meanwhile, CSX Chairman John Zillmer, in the board's press release, thanked Hinrichs for his three-year service as president and CEO.

"[Hinrichs'] dedication to strengthening our operations and investing in our people and culture has laid a strong foundation as we enter this exciting next chapter," Zillmer said .

A former executive at Ford Motor Co., Hinrichs came out of retirement to lead CSX. He was the company's first CEO to come from one of the railroad's major customers. In a lengthy post on LinkedIn.com, Hinrichs thanked CSX's 23,000 employees.

"We put a special emphasis on our employees out in the field, serving our customers every day and keeping America moving," he said.

Hinrichs also cited CSX's improving customer service levels at the same time it was rebuilding the Blue Ridge Subdivision damaged during Hurricane Helene and the reconstruction of the Howard Street Tunnel in Baltimore. Both the subdivision and rebuilt tunnel reopened last week.