CSX Ousted CEO Over Handling of Union Pacific Approach: Semafor

CSX board ousted CEO Joe Hinrichs last month as it believed he didn’t seriously engage with a takeover approach from Union Pacific, Semafor reports, citing people familiar with the matter.

• Union Pacific then turned its attention to a merger with Norfolk Southern, announced in July
• One of the people cited by Semafor said all conversations with Union Pacific were shared quickly with CSX’s board
• CSX spokesperson declined to comment: Semafor
• Hinrichs said he was “proud” of what he and his team accomplished, declined to answer specific questions about his departure: Semafor
• NOTE: Sept. 29, CSX CEO Abruptly Departs as Railroad ...