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(Reuters) -Rail operator CSX Corp (NASDAQ:CSX) said on Thursday it has appointed former president of Ford Motor (NYSE:F), Joe Hinrichs, as its chief executive officer effective Sept. 26.
Hinrichs, who left Ford in 2020, succeeds President and CEO James M. Foote who is retiring this month but will remain a company adviser through March 31, 2023, CSX said in a statement.
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.
“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 be an important part of addressing challenges including cutting emissions and reducing road congestion, adding that it was a much more efficient mode of transportation than alternatives such as trucking.
Separately, major U.S. railroads and unions secured a tentative deal after 20 hours of intense talks brokered by the Biden administration to avert a rail shutdown that could have hit food and fuel supplies across the United States.
