01—Abstract
Summary
Summary of the 8-K filed September 29, 2025. Cited figures are marked; the original filing is the authoritative source.
CSX Corporation announced a significant leadership change through an 8-K filing on September 29, 2025.
Effective immediately, Stephen Angel has been appointed as the new President and Chief Executive Officer, succeeding Joseph R. Hinrichs. Mr. Angel brings extensive experience from leading large public companies, including his recent tenure as CEO and Chairman of Linde, and prior roles at Praxair, where he was instrumental in major integrations and transformations.
His background also includes early career experience with GE, specifically in locomotive and rail operations, suggesting a deep understanding of CSX's core business. The appointment is accompanied by a detailed employment agreement for Mr. Angel, outlining his compensation package which includes a substantial base salary, annual bonus opportunity, and significant equity awards.
The agreement also specifies severance benefits in various termination scenarios, including "cause," "good reason," death, disability, and change of control, with specific provisions for retirement eligibility. Investors should note that Mr. Angel is subject to non-compete and non-solicitation clauses for a defined period post-employment.
02—Key points
Key Highlights
- Stephen Angel appointed as the new President and CEO of CSX Corporation, effective immediately.
- Joseph R. Hinrichs has departed from his role as President and CEO.
- Stephen Angel has over 45 years of executive leadership experience, including CEO roles at Linde and Praxair.
- Mr. Angel's background includes early experience at General Electric, specifically in locomotive and rail operations.
- Mr. Angel's compensation package includes a $1,500,000 base salary, 175% target bonus, and a $10,000,000 initial sign-on equity award.
- Detailed severance packages are outlined for various termination scenarios, including "cause," "good reason," death, disability, and change of control.
- Mr. Angel is subject to post-employment non-competition and non-solicitation restrictions for 18 months.
03—Questions
Frequently Asked Questions
Who is the new CEO of CSX Corporation?
Stephen Angel has been appointed as the new President and Chief Executive Officer of CSX Corporation, effective immediately as of September 28, 2025.
What is Stephen Angel's background and relevant experience?
Stephen Angel brings over 45 years of experience leading large public companies. He served as CEO and Chairman of Linde, and prior to that, held leadership roles at Praxair, guiding significant integrations and transformations. Notably, his early career at General Electric involved work in locomotive and rail operations, providing him with direct industry experience.
What is Stephen Angel's compensation package?
Mr. Angel's compensation includes an initial annual base salary of $1,500,000, an annual target bonus opportunity of 175% of his base salary, and a $10,000,000 sign-on equity award. He will also be eligible for annual long-term incentive awards starting in 2026, with an initial target value of $13,500,000.
What are the severance provisions for Stephen Angel?
The employment agreement outlines severance benefits for termination by the company without "cause" or resignation for "good reason" prior to retirement eligibility, including a cash payment equal to two times his base salary and target bonus, pro-rata vesting of equity awards, and a pro-rata bonus for the year of termination. Enhanced severance (three times salary and bonus) is provided in the event of a "change of control" termination without "cause" or for "good reason".
04—Continue