UPDATE 4-For CSX, more job and train cuts in post-Harrison era [Reuters]
CSX Corporation (CSX)
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Source: Reuters
For CSX, more job and train cuts in post-Harrison era | Reuters 3 Min Read (Reuters) - U.S. railroad operator CSX Corp said on Thursday at its first investor day since the death of former Chief Executive Hunter Harrison that more cuts to jobs, rail cars and locomotives were key to its three-year plan for boosting profitability and streamlining operations. Harrison, cherished by investors for leading turnarounds of Canada’s two major railroads, died in December just eight months into a dramatic restructuring campaign that included slashing jobs, shutting eight rail yards, mothballing locomotives and running trains on tight schedules rather than based on customer needs. CSX shares, up about 1 percent in early Thursday trade, have surged about 50 percent since January 2017 and about 12 percent since March 2017 when Harrison took over as CEO following a high-stakes push by activist investor Paul Hilal of investment fund Mantle Ridge LP. But the overhaul has triggered persistent service de
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