CSX CEO Abruptly Departs as Railroad Faces Activist Pressure (1)

CSX Corp. named Steve Angel as its new chief executive officer following the abrupt departure of Joe Hinrichs, overhauling the railroad’s leadership as it faces pressure from an activist investor and rising competitive challenges.

Angel, the former head of Linde Plc and Praxair Inc., took over as CSX’s top executive and joined the board effective Sept. 28, according to a statement Monday. CSX didn’t specify the reasons for Hinrichs’ exit.

The move injects uncertainty into the company’s strategy as it faces competitive challenges from the merger of rivals Norfolk Southern Corp. and Union Pacific Corp., a deal that ...