KEY TAKEAWAYS:

CSX replaces CEO Joe Hinrichs with Steve Angel

Investors pushed for stronger performance and merger talks

Ancora criticized CSX’s financial results under Hinrichs

CSX shares rose 3% after leadership change

CSX railroad announced Monday that it had replaced its CEO less than two months after an investment fund urged it to either find another railroad to merge with to better compete with the proposed transcontinental Union Pacific railroad or fire outgoing CEO Joe Hinrichs.

The outgoing CEO, who came to the railroad in 2022 after a long career with Ford, focused on repairing CSX’s relationship with its workers and labor unions and unifying the team after a bitter contract fight. But Ancora Holdings , which helped spur major changes at Norfolk Southern , said CS

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