- Push-out Score determined
- After about five years in the position
- Praise and thanks for Foote
- Joe Hinrichs taking over
- Foote said 108 words
(exechange) — Jacksonville, Florida, September 15, 2022 — Jim Foote, chief executive of CSX, leaves. As announced by CSX Corp. in a news release and in a regulatory filing published on Thursday, September 15, 2022, James M. (Jim) Foote leaves his post as chief executive officer at the freight-railroad operator, after about five years in the role, effective September 26, 2022.
Jim Foote’s duties as CEO will be taken over by Joseph R. (Joe) Hinrichs, most recently President of the automotive business at Ford Motor Company.
The fact that Jim Foote’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Next phase of growth and transformation”
CSX did not give an explicit reason for Jim Foote’s departure from the CEO post. John J. Zillmer, Chairman of CSX’s Board of Directors, said: “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.”
Precise information regarding Jim Foote’s future plans was not immediately available.
CSX said: “Hinrichs succeeds James M. Foote, who plans to retire as President and Chief Executive Officer, as well as from the Board, on September 26, 2022. Foote will continue to work with the Company through March 31, 2023 as an advisor to facilitate a seamless leadership transition.”
Share price increase since December 2017
The announcement follows an increase in CSX Corp.’s share price of 67% since December 2017. December 2017 is the month in which Foote’s tenure as CEO began.
In the position of CEO since 2017
Jim Foote became CEO of the Company in 2017.
James M. Foote, a senior executive with over 40 years of railroad industry experience in finance, operations and sales and marketing, was named President and Chief Executive Officer and a director of CSX in December 2017.
Foote joined CSX as Executive Vice President and Chief Operating Officer in October 2017.
Prior to joining CSX, Foote served as President and Chief Executive Officer of Bright Rail Energy, a technology company formed in 2012 to design, develop and sell products that allow railroads to switch locomotives to natural gas power.
Before heading Bright Rail, Foote was Executive Vice President, Sales and Marketing, with Canadian National Railway Company.
Foote joined Canadian National in 1995 as Vice President – Investor Relations to assist with the company’s privatization.
He also served as Vice President Sales and Marketing – Merchandise at Canadian National.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Foote’s move on a scale of 0 to 10.
exechange reached out to CSX and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2022 ($).