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The protracted negotiations at US railroad CSX over its new head have finally come to an end after the company yesterday named Hunter Harrison as its next chief executive, replacing Michael Ward, who announced his decision to retire as Chairman and CEO on February 21, 2017 and will become a consultant to CSX, effective immediately.

The company has reached an agreement with Mantle Ridge, an investment firm formed by Paul Hilal, to reconstitute the CSX board, which will see CSX appointing five new directors: Mr Harrison, Mr Hilal, Dennis Reilley, Linda Riefler and John Zillmer.

As a result, the board will number 13, with CSX’s current presiding director, Edward J Kelly, becoming chairman and Mr Hila vice chairman.

Mr Harrison said, “I am proud to join the dedicated and talented railroaders at CSX. Together, we will implement precision scheduled railroading – a model proven to improve safety, create better service for customers, produce a proud and winning culture for employees and generate exceptional, lasting value for shareholders.”

Mr Hilal added: “I thank every CSX director, including those leaving the board, for their constructive and skillful engagement that enabled this terrific outcome for CSX. The board is united behind a shared goal – creating value for shareholders and all stakeholders. Together, we have created the conditions for success. Now the real work begins.”

 

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