JACKSONVILLE, Fla. — A major CSX shareholder is calling out the company.
The transportation investor issued a letter to the CSX board asking the railroad to pursue a merger with another railroad, or for the CEO to step down.
Two of the country’s largest railroads are looking to merge, and this CSX investor, Ancora Holdings, wants CSX to compete.
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Its letter, obtained by Action News Jax, criticized CSX’s “disastrous operational performance” and the company CEO, Joe Hinrichs’ “use of the company’s private planes and manicuring his social media footprint”.
It also says the firm is planning to nominate new candidates for his job if he fails to seek a merger.
Action News Jax reached out to CSX for a response and received this statement:
“CSX welcomes all opportunities for us to enhance value for our shareholders. CSX appreciates the input of its shareholders and engages regularly with them as it executes on its goals to drive value through profitable growth and industry-leading customer service.”
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