CSX President and CEO Joe Hinrichs, Railway Age’s 2025 Railroader of the Year, appeared on CNBC’s “Mad Money” on Aug. 27. He and host Jim Cramer talked about the rail industry’s current environment, and how CSX was recently targeted by activist investor Ancora Holdings—which the famously glib, animated Cramer referred to as “some fund I don’t know jack about.”
Hinrichs, a frequent “Mad Money” guest, responded to Cramer’s questions about the Union Pacific+Norfolk Southern proposed merger, and CSX’s response to calls for it to explore a combination with BNSF. Cramer also said Ancora’s personal attack on Hinrichs was unfair and uncalled for—prefacing his remark by saying, “First, just so people know, Railway Age is the most important publication in this industry, and you are the railroad man of the year.”
We appreciate the shoutout, and reiterate that Ancora’s criticisms of CSX and Hinrich’s leadership is purposely based on distortions and fabrications
Hinrichs highlighted the importance of “collaboration over consolidation,” stating, “The biggest problem that needs to be solved is interchanges.” He also pointed to CSX’s “strong position” in the industry, citing the railroad’s “robust network, best-in-class margins, and high employee engagement … Our focus is on creating value for shareholders and serving customers better so that we can profitably grow the business. That involves people working effectively together.”
Despite problems like Hurricane Helene disrupting one of CSX’s four north-south routes and ongoing work overhauling and double-stack clearing the Howard Street Tunnel in Baltimore, the company achieved a 550-basis-point operating margin improvement in 2025’s first half.
“Even with all that going on, we still have some of the best operating metrics in the business because of our people,” Hinrichs said. “And we’re still focused on doing what’s right for shareholders, profitably growing the business, and serving our customers better. We can do all of those by working with other railroads effectively.” He stressed that it doesn’t require waiting for an STB merger approval to accomplish that. “Wait until you see what we do over the next couple of years!” he said.
Way to go, Joe!
