CSX Corporation Stock Tumbles on CEO’s Medical Leave
CSX Corporation (NASDAQ:CSX) saw its stock fall today on news that its CEO is taking medical leave.
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In a press release, CSX Corporation announced that E. Hunter Harrison is taking a medical leave due to complications from a recent illness. Harrison is the CEO and President of the company.
CSX Corporation is likely expecting Harrison to be gone for some time. The company says that current COO James M. Foote is taking over as the acting CEO of CSX. This decision was made by the company’s Board of Directors.
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CSX Corporation doesn’t reveal the exact nature of the medical issues that have resulted in Harrison not be able to service as its CEO. Instead, Chairman Edward J. Kelly, III says that the company’s employees are keeping him and his family in their thoughts.
“Hunter is a good friend and has been a colleague of mine for many years. He is an icon in the industry and we pray for his speedy recovery,” Foote said in a statement. “Because the team has implemented a foundation consistent with Hunter’s vision, I do not see any reason to diminish our expectations concerning the pace and magnitude of our future progress.”
CSX Corporation is a company based in Jacksonville, Fla that has a focus on transportation. More specifically, it deals with transporting goods via railways across the U.S. It is also active in the real estate market.
CSX stock was down 8% as of noon Friday, but is up 52% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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