CSX CEO fired over handling of takeover approach - Semafor

[CSX Locomotive Close-Up, Folkston, Georgia (USA)]
John M. Chase

CSX Corp. (NASDAQ:CSX [https://seekingalpha.com/symbol/CSX]) former CEO Joe Hinrichs was reportedly fired last month [https://seekingalpha.com/news/4499767-csx-names-steve-angel-new-ceo] after his board felt he mishandled a takeover approach from Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) last year.

The firing came after some informal outreach from railroad rival Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) last year, according to a Semafor report [https://www.semafor.com/article/10/21/2025/the-inside-story-of-csxs-ceo-shakeup] on Tuesday, which cited people familiar with the matter. The tepid response moved Union Pacific CEO Jim Vena to look elsewhere, and he came to an agreement with rival Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]).

After the Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]) deal was announced in July, some directors pressed Hinrich on how seriously he had engaged with Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]), according to the report. One person familiar with the talks said all talks with Vena or Union Pacific were shared quickly and transparently with the CSX board.

CSX declined to comment to Semafor. Hinrichs told Semafor he was "proud" of what he and his team accomplished at CSX, though he declined to answer specifics about his leaving.

Hinrich’s tenure at the railroad came under pressure after after activist investors Ancora Holdings and Toms Capital built positions in the company and initiated a campaign to pursue a merger or to replace Hinrichs.

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