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CSX

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CSX Corp on Monday has appointed Steve Angel as its top boss, replacing Joe Hinrichs, as the railroad operator fends off pressure from an activist investor while facing industry consolidation.

Shares of the company rose about 3% in premarket trade.

Angel succeeds Joe Hinrichs, who will work closely with the board and management to help with the transition, CSX said.

He brings on more than four decades of experience, including at Linde plc and 22 years at General Electric, where he was involved in locomotive and rail operations.

The announcement comes after CSX faced activist pressure from Ancora Holdings to pursue merger options to replace Hinrichs.

Hedge fund Toms Capital Investment Management

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