The sudden “departure” of Joe Hinrichs was what Ancora wanted.
There was nothing wrong with CSX! He was Railway Age’s 2025 Railroader of the Year. He brought OneCSX to life, a concept of company culture that respects the employee and makes them a valued part of the One CSX team. Joe Hinrichs leads an outstanding transformation of CSX into an industry-leading company, respected and admired by everyone, both inside and outside railroading. For his outstanding work, he earned the coveted Railroader of the Year Award from Railway Age. In 2025, CSX won praise as “America’s Best Large Employers” by Forbes and, as a reflection of OneCSX, “where employees feel valued, empowered, and supported in achieving their goals.” In 2024, the Journal of Commerce (JOC) published the results of its survey, where 38.8% of respondents voted CSX as the top intermodal performer (see CSX press release). CSX outpaced its regional competitor by 14 percentage points. In May of ’23, a similar survey named CSX a top performer in intermodal on-time performance with a score of 99.8%. “This recognition underscores our team’s commitment to effectively collaborating with customers to provide transparent communication, innovative solutions, and exceptional service,” said Joe Hinrichs, giving due credit to his employees.
In the past few days, we celebrated three wonderful, magical years of Joe Hinrichs as CSX CEO. We were celebrating the breathtaking marvel of rebuilding 60 miles of track of the Blue Ridge Subdivision, which was finished ahead of schedule. We also witnessed the widening of the Howard Street Tunnel in Baltimore, a $450 million project that was also completed ahead of schedule and will help boost Maryland’s and our nation’s supply chain (Progressive Railroading).
Then, the dreadful news: CSX’s board shamefully voted to sack Joe! .
So, with all the named and unmentioned awards and wonderful work Joe gave to CSX, why was he sacked? We recall that Ancora Holdings’ letter demanded that Joe be replaced because he didn’t hunt down a suitable merger partner in the obsessive manner of Alfred Pearlman of the NYC. The short and to-the-point answer, according to Railway Age’s editor, William C. Vantuono, is that Joe “refused to get involved in the transcon merger fray.” CSX’s Board of Directors took the simple and…quite frankly… cowardly choice and caved to hedge fund pressure by sacking the best CEO that CSX has had in a long time. Make no mistake about this: CSX’s board probably ended the good and great things in CSX’s future and surrendered to Ancora Holdings, the “activist investor.” When Ancora tried this crap against Norfolk Southern, it was bounced out by shareholders, but managed to get three ineffective board seats. CSX’s Board of Directors made a cowardly choice and surrendered to Ancora.
[Joe] has been suddenly and unexpectedly railroaded by his own collectively myopic Board of Directors, and for no reason other than, sooner or later, refusing to join the transcon merger fray. I’m not the only one who wholeheartedly agrees with CNBC’s Jim Cramer that there has been an “injustice in Jacksonville” based on short-sightedness and hedge fund pressure. Call me naïve, but I didn’t see it coming. Nor did many others.” William C. Vantuono, Editor in Chief, Railway Age.
So, what of Steve Angel? Joe’s replacement is apparently experienced in mergers, but really nothing else directly related to railroading. We should wait and see what Mr. Angel does in terms of his governance and who is appointed to CSX’s board. Those who did Ancora’s bidding may find themselves out of their seat. Mr. Angel might appoint Ancora lackeys to CSX’s board and do an Alfred Pearlman-like hunt for a merger partner. Mr. Angel might just do the right thing and continue the good and great future for CSX that Joe started. That does not include a costly, long, and difficult merger, and the loss of our heritage. There needs to be work on an effective and efficient relationship and alliance with BNSF Railway. We should demand that Angel and a new board do what is best for CSX’s future, and not do Ancora’s bidding!
He’s coming to listen and learn…hopefully for the sake of CSX and not Ancora.
Steve Angel’s AI-generated bio:
As of September 2025, Steve Angel has been appointed President and CEO of railroad operator CSX, a position he assumed after a long career leading major industrial gas companies and holding various executive roles at General Electric.
Appointment as CSX CEO: In September 2025, Angel was named CEO of CSX Corporation, taking over after the departure of Joe Hinrichs. His appointment followed pressure from activist investors concerning the company’s strategic direction.
Other leadership roles and recognitions. Angel holds several other leadership positions, including non-executive Chairman of the Board for GE Vernova and a board member at GE Aerospace. He has also served on the boards of organizations such as PPG Industries, the Hydrogen Council, the U.S.-China Business Council, and Stoke Space Technologies. He has received awards, including the Watauga Medal from North Carolina State University for his service and advocacy for STEM education, and the American-German Institute Leadership Award for Linde’s contributions and commitment to the German-American partnership.
Education. Angel holds a Bachelor of Science in Civil Engineering from North Carolina State University and an MBA from Loyola College in Baltimore.