Hunter Harrison , the executive who led Canadian Pacific’s turnaround, will become the CEO at Jacksonville, Florida-based CSX immediately, replacing Michael Ward . Harrison, Paul Hilal – the founder of the Mantle Ridge hedge fund that has been pressuring CSX – and three others will also join the railroad’s 13-member board, CSX Corp. said Monday.
Category: Norfolk Southern
Jim Cramer: CSX Needs to do ‘Something,’ or Else
Investors seem to be all abroad the CSX train on Thursday, as shares of the railroad corporation were spiking over 19% this afternoon. Despite reporting weaker-than-expected earnings results after Wednesday’s bell, the stock jumped after news broke of the departure of Canadian Pacific CEO Hunter Harrison is stepping down.
Railroad Profit Rebound Plays Catch-Up to Yearlong Stock Surge
With U.S. railroads forecast to report their first earnings growth since 2015, a stock rally that began in anticipation of the profit rebound is looking overdone. An index of major carriers has jumped more than 55 percent since sinking to a three-year low Jan. 25, more than doubling the S&P 500 Index’s return.