UNITED States Class 1 freight railway CSX has ousted president and CEO, Joe Hinrichs, replacing him with Steve Angel.
Angel is described by CSX as an accomplished executive with more than 45 years of experience of leading large, public companies and generating strong shareholder returns.
Hinrichs, a former president of Ford Motor Company’s automotive business, joined CSX in September 2022. No reason was given for his departure in CSX’s statement announcing the management change, although he was criticised in a recent letter from activist investor Ancora, which called for CSX to explore a merger with either BNSF or Canadian Pacific Kansas City (CPKC) in order to compete with Union Pacific and Norfolk Southern, which are pursuing a consolidation that will create the US’ first east-west transcontinental railway. Ancora said Hinrichs should be dismissed if he was unwilling to explore a similar merger.
Proven track record
Angel served as CEO of industrial gas company Praxair from 2007 to 2018, overseeing a multi-year $US 50bn merger with Linde in 2018. He was CEO of the combined company until 2022, when he was appointed chair. He plans to retire from Linde’s board on January 31 2026. Angel began his career at General Electric (GE) where he held a variety of management positions for over 22 years, gaining direct experience of locomotive manufacturing and rail operations, according to CSX.
“He 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,” CSX said in a statement.
CSX chairman, John Zillmer, says Angel was the clear choice to lead CSX after a “very targeted” recruitment process, adding that Angel possesses the right skillset, expertise and background to deliver the railway’s “next phase of growth.”
“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,” Angel says. “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.”
Widely praised
Hinrichs joined CSX in 2022, replacing Jim Foote, who oversaw the Class 1’s transition to an operating model based on Precision Scheduled Railroading. Hinrichs was named Railroader of the Year for 2025 by our sister publication Railway Age and has been widely praised for his work to improve labour relations.
However, he has seemingly become the latest in a line of Class 1 chief executives targeted by activist investors over the past decade or so, this time as the pressure for consolidation within the industry and the formation of a second transcontinental railway builds. CPKC and BNSF have both publicly ruled out merging with CSX.
“It has been a privilege to serve as CEO of CSX,” Hinrichs says. “I am proud of the progress we have made in improving performance, strengthening customer relationships, and building a culture centred on safety and collaboration.”
The news has been met with surprise by many within the US railway industry, as Railway Age editor-in-chief, William Vantuono, writes, here.
