Feb 21 U.S. railroad operator CSX Corp
said on Tuesday Chairman and Chief Executive Michael Ward would
retire, effective May 31, after being in the role for more than
The company has been a target of activist investor Mantle
Ridge LP, which is backing railroad veteran Hunter Harrison to
become CSX's chief executive.
Harrison is the ex-CEO of Canadian Pacific Railway Ltd
and a turnaround expert highly respected across the
Mantle Ridge has said it owns about 4.9 percent of CSX's
Last week, CSX said Harrison's proposed pay package was
estimated to be $300 million and said Mantle Ridge was seeking
substantial representation on the company's board.
CSX said on Tuesday President Clarence Gooden would also
retire from the company, effective May 31.
Fredrik Eliasson, currently serving as chief sales and
marketing officer, has been named as president, effective Feb.
Eliasson will replace Gooden, who will assume the role of
vice chairman until his retirement, CSX said.
CSX said the appointment of Eliasson as president was not
intended to pre-empt or otherwise affect any discussions the
company may continue to have with Harrison and Mantle Ridge.
(Reporting by Ankit Ajmera in Bengaluru; Edited by Martina