CSX shuffles CEOs. Will merger talk get louder?

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.”

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