This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI8E0JC_L.jpg
(Reuters) – Rail operator CSX Corp (NASDAQ:CSX) said on Thursday it has named former Ford Motor (NYSE:F) President Joe Hinrichs as its chief executive officer effective Sept. 26.
Hinrichs, who left Ford in 2020, succeeds President and CEO James M. Foote, who will retire this month but remain a company advisor through March 31, 2023, the company said in a statement.
The U.S. freight rail sector is currently negotiating with unions trying to reach a labor agreement ahead of a Friday deadline. The White House is urging both sides to reach a deal, warning of the devastating consequences of a rail shutdown.
Hinrichs told Reuters in an interview that he was hopeful that a deal could be reached soon. “It’s in everyone’s interest to find a solution,” Hinrichs said, adding that he had gotten a briefing from Foote on the talks but declining to discuss specifics.
CSX has a “very strong balance sheet, very strong operating performance,” said Hinrichs, who has more than 30 years of experience in automotive, manufacturing and energy sectors.
“What we need to do is engage our employees and really take this operating model and improve our service to our customers. And in so doing, increase our capacity and our performance for our customers.”
“This appointment is the result of a long and deliberate process, in which we identified the strongest candidate to lead CSX through its next phase of growth and transformation,” CSX board chair John J. Zillmer said in the statement.
Hinrichs said rail could been an important part of addressing many challenges like cutting emissions and reducing roadway congestion. “It’s so much more efficient and so much less emissions than then trucking other alternatives,” he said.
