A CSX manifest freight heads west through Fontanet, Indiana, on the St. Louis Line on Oct. 12, 2019. Longer and fewer trains have been the rule since the carrier adopted the precision scheduled railroading operating model under the late E. Hunter Harrison.
The hedge fund that brought E. Hunter Harrison to CSX in early 2017 has sold most of its stake in the Class 1 carrier.
The Wall Street Journal reported this week that Mantle Ridge LP has sold nearly $1 billion of its stock in CSX.
The newspaper said it learned of the sale through filings with the U.S. Securities and Exchange Commission.
CSX bought back 4.7 million share of its stock that Mantle Ridge had held.
However, Mantle Ridge principal Paul Hilal has retained ownership of 3.4 million shares of CSX stock and continues to serve on the company’s board of directors.
Hilal had recruited Harrison to be the CSX chief executive officer even as he was still CEO at Canadian Pacific.
Harrison came to CSX after a failed bid by CP to merge with Norfolk Southern that drew opposition from NS management and various U.S. public officials.
At CSX Harrison implemented the precision scheduled railroading operating model. He died on Dec. 17, 2017, less than a year after taking the helm at CSX.
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