CSX Chief to Retire as Hunter Harrison Vies for Position
February 21 2017 - 8:17AM
Dow Jones News
By Austen Hufford
CSX Corp. said that Michael Ward, its chairman and chief
executive, will retire in May as railroad veteran Hunter Harrison
and an activist investor try to shake up the company and grab the
top spot.
Mr. Harrison, the railroad veteran who announced his early
departure from Canadian Pacific Railway Ltd. in January , has been
working with activist investor Paul Hilal to become the company's
next chief executive.
CSX privately offered the chief executive position to the
72-year-old railroad veteran, The Wall Street Journal reported last
week, but negotiations broke down when Mr. Hilal refused to back
away from some compensation and governance demands.
CSX also said Tuesday that President Clarence Gooden is retiring
from the company later this year and that Fredrik Eliasson, its
current chief sales and marketing officer, has been named president
-- cementing that two of its top executives won't be staying,
regardless of whether a deal is struck.
CSX said it has been considering the changes announced Tuesday
for more than a year, and that the appointment of Mr. Eliasson
isn't intended to "pre-empt or otherwise affect" discussions CSX is
having with Mr. Harrison.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 21, 2017 08:02 ET (13:02 GMT)
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