Connect with us

Politics

CSX shuffles CEOs. Will merger talk get louder?

Published

on


Joe Hinrichs is out as the head of CSX.

And Stephen Angel is in, according to a filing with the Securities and Exchange Commission (SEC).

Will this be the beginning of greater organizational changes? That’s the open question after the blockbuster announcement.

The move was made Sunday, a day after Hinrichs “separated from his employment as President and Chief Executive Officer of the Company” and “resigned from the Board effective upon his separation” with “separation benefits provided for under his employment agreement.”

The move comes as pressure has mounted on CSX to merge in an era of rail consolidation, with Union Pacific and Norfolk Southern planning a merger that has yet to get federal approval.

“Mr. Angel, 70, is an accomplished executive with over 45 years of experience leading large, public companies and generating strong shareholder returns. 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,” the SEC filing said.

He has been the CEO and the Chair of Linde, and in that role he “oversaw the successful integration of Linde AG and Praxair, Inc., which created the world’s largest industrial gases and engineering company.”

Prior to that, as head of Praxair, he worked to “guide Praxair through significant transformation while identifying and pursuing strategic growth initiatives.”

The tail end of Hinrichs’ term was documented by activist investors pushing for a merger with another company, which the now-former CEO said wasn’t necessary.

Angel comes on with a base salary of $1.5 million with bonuses possible, including $10 million of stock that will vest in three years at today’s common stock price, which is roughly $35 a share at this writing.

“Beginning in 2026, Mr. Angel will be eligible to receive an annual long term incentive award (an ‘LTIP Award’) under the Company’s long term incentive plans on a substantially similar basis as other similarly situated executives of the Company, with the initial grant to be made in 2026 having a grant date target value of $13,500,000,” a press release added.

“The Company will also provide Mr. Angel with corporate housing in Jacksonville, Florida, will reimburse Mr. Angel for up to $100,000 in non-refundable expenses incurred by him for personal trips cancelled in 2025, and will provide up to $200,000 per year for his personal use of the corporate aircraft.”


Post Views: 0



Source link

Continue Reading

Politics

House panel OKs bill to restore the Ocklawaha River

Published

on


A House subcommittee unanimously approved a bill to restore the Ocklawaha River that drew strong praise from environmentalists and fierce opposition from local officials in Putnam County.

The mixed public feedback on HB 981 makes it clear that the legislation to remove the river’s dam remains controversial after Gov. Ron DeSantis vetoed $6.25 million in funding for Ocklawaha River restoration during the 2025 Session.

“It’s a local decision. It’s a local issue. It needs to stay local,” said Putnam County Commissioner Larry Harvey, who voiced concerns about West Putnam lakes drying up. 

“Putnam County wasn’t considered locally. We’ve never been asked about this. We don’t want this.”

Rep. Wyman Duggan, a Jacksonville Republican, defended his bill and argued the restoration project carries a greater importance since the Ocklawaha is the primary tributary running into the St. Johns River.

“This is, at a minimum, a regional issue. The Ocklawaha River touches 12 counties, but I submit it’s a state level issue. The St. Johns River is the longest river in the state and it’s the most significant,” Duggan said.

Lawmakers on the House Natural Resources and Disasters Subcommittee were not swayed by the bill’s opponents.

Behind the Everglades and the Kissimmee River Basin restoration projects, the Ocklawaha River will become “the third-greatest restoration in the state of Florida’s history,” said Rep. Jim Mooney Jr., an Islamorada Republican.

Rep. Lindsay Cross called the bill “a big lift.”

“I will be a strong supporter of it, and hope we can get this across the finish line this year,” said Cross, a St. Petersburg Democrat.

Duggan added that the Department of Environmental Protection (DEP) will oversee the river restoration and will take into account local residents’ concerns with water level impacts.

Duggan’s bill would require the DEP to develop a plan to restore the Ocklawaha River by Jan. 1, 2027, then finish the work by Dec. 31, 2032.

What made the bill necessary, Duggan said, was the U.S. Army Corps of Engineers designating the dam as a high hazard.

Living beyond its 50-year life span, the 58-year-old Rodman Dam doesn’t perform any flood control or generate electricity, Duggan said. 

“There is no alarm system in place to warn the downstream communities in the event of a dam failure,” Duggan said. “It’s not even clear that if we try to reconstruct the dam, bring it up to code, that the Army Corps of Engineers would permit that effort.”

The dam is also known as the Kirkpatrick Dam.

Restoring the Ocklawaha would put 21 billion gallons of water into the St. Johns River, which environmentalists said will improve the water and help the fisheries and the manatees, Duggan explained.

Environmentalists also said removing the dam would bring back 20 lost springs.

Another major component of Duggan’s bill is to beef up economic development in Clay, Marion, Putnam and St. Johns counties to promote water and nature activities from swimming to fishing and wildlife viewing. The bill would create the Northeast Florida River and Springs Recreation and Economic Development Council and create a grant program to fund the council’s outdoor recreation plan.

“The bill shows people what they gain and not what they lose,” said Chip Laibl, Vice President of the Great Florida Riverway Trust. “It’s time to quit kicking this issue down the road for a vocal minority and consider the safety, economic needs, and recreation facilities for all of Putnam County and beyond.”

Laibl argued that HB 981 will make “Putnam County the outdoor recreation hub of the state.”



Source link

Continue Reading

Politics

Consumer protections for Hispanics, veterans, seniors, and retirees are smart policy

Published

on


Hispanic Floridians have played a pivotal role in building our state, and today their impact is stronger than ever. Increasing numbers of Hispanic families, business owners, seniors, retirees, and veterans call Florida home.

As our community grows, public policy must keep pace in protecting those most at risk.

Florida has a longstanding record of defending seniors, veterans, and retirees — from expanded homestead exemptions to laws guarding against elder abuse and financial exploitation. HB 427 and SB 266 build on that tradition by addressing a pressing problem: predatory public adjuster contracts targeting vulnerable residents after home damage.

When fires, plumbing disasters, or storms strike, seniors, retirees, and veterans often face pressure to sign complicated contracts quickly — sometimes while recovering from hospitalization or other emergencies.

Many Hispanic seniors face an additional hurdle: English is not their primary language, yet contracts are not required to be available in Spanish or other easy-to-understand formats.

Too often, elderly Hispanic residents are navigating these high-stakes decisions alone. Adult children may live far away and cannot assist immediately. Contracts must be reviewed and signed quickly, leaving residents exposed to confusing terms or high-pressure tactics.

HB 427 and SB 266 provide common sense relief. They allow seniors, retirees, and veterans to cancel public adjuster agreements — without penalty — if they are unable to fully understand the contract. This safeguard is especially important for Spanish-speaking residents and others facing language or comprehension challenges.

Ethical public adjusters have nothing to worry about. The bills target exploitative practices, not responsible business operations. They strike a balance: protecting Floridians while leaving legitimate professionals free to do their work.

At its core, this legislation is about fairness, clarity, and respect. It ensures that those who have contributed to Florida — Hispanics, seniors, retirees, and veterans alike — are not taken advantage of in moments of vulnerability.

Florida can once again demonstrate leadership in consumer protection. HB 427 and SB 266 offer practical, balanced reforms that reflect our values and protect those who need it most.

On behalf of Hispanic seniors, and all of Florida’s retirees and veterans, I urge lawmakers to act in support of these commonsense protections.

___

Julio A. Fuentes is president and CEO of the Florida State Hispanic Chamber of Commerce (FSHCC).



Source link

Continue Reading

Politics

John Harshman announces Sarasota City Commission bid

Published

on


Business leader John Harshman has entered the race for the Sarasota City Commission, running for an at-large seat in the city’s next municipal election.

Harshman, a longtime Sarasota commercial real estate executive, said decades of local business experience and civic involvement have prepared him for his bid for office. He faces incumbent Jen Ahearn-Koch, Flo Entler and Rob Rominiecki for two at-large seats.

“I fell in love with Sarasota and have built my career and life here,” Harshman said in a statement. “It would be my privilege to serve all members of our community on the city commission.”

Harshman, who moved to Sarasota more than five decades ago, founded Harshman & Co., Inc. in 1989. The firm has since grown into one of Southwest Florida’s top commercial real estate companies.

In his announcement, Harshman emphasized land-use policy and fiscal responsibility as core issues driving his candidacy. Harshman said he decided to run after completing a 45-day “listening tour,” during which he met with neighborhood leaders, business owners, arts organizations, environmental advocates and local government officials.

“The encouragement that I received from this very diverse group convinced me that my decades of living, working, and volunteering in the Sarasota community have prepared me for serving the citizens of the town I dearly love,” Harshman said.

Beyond his business career, Harshman has held leadership or volunteer roles with civic and nonprofit organizations, including the Sarasota Chamber of Commerce; Association of Downtown Commercial Property Owners, Inc.; Downtown Sarasota Alliance, Girls, Inc.; The Pines of Sarasota, Inc.; Sarasota County Public Facilities Finance Advisory Board; Sarasota Community Redevelopment Advisory Board; Sarasota County Environmental Lands Oversight Committee; City of Sarasota Tree Advisory Committee; National Estuary Program Volunteer; Sarasota Ballet Board; and John and Mable Ringling Museum of Art.

Harshman is a graduate of the University of South Florida and a Leadership Sarasota alumnus. He is also an honorary alumnus of New College of Florida.

Outside of his professional and civic work, Harshman also taught Taekwondo to hundreds of local families and earned a fifth-degree black belt — winning several national championships as a competitor.



Source link

Continue Reading

Trending

Copyright © Miami Select.