Brooke Sutherland, Columnist

CSX Put All Its Eggs in One Basket

Our condolences to Hunter Harrison's family, but CSX holders get less sympathy after splurging on star CEO and seeing top executives walk.

December 18, 2017 at 2:07 PM UTC

By Brooke Sutherland

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

1513604669_csxdeath — Photographer: Luke Sharrett

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CSX Corp. shareholders paid $84 million for Hunter Harrison. They're now getting James Foote.

Harrison died over the weekend, just days after the company announced he would take a medical leave because of unexpected complications from a recent illness. The 73-year-old railroad-turnaround expert had been CEO for less than a year after campaigning for the job -- and a rich payout -- with activist investor Mantle Ridge. Foote, who worked with Harrison at Canadian National Railway Co., was named acting CEO. He joined CSX less than two months ago after a management upheaval that saw three of the company's top leaders depart, including chief marketing officer Fredrik Eliasson, whom some had seen as a potential successor to former CEO Michael Ward before Mantle Ridge showed up.