We Plan to Reduce Our CSX Fair Value Estimate Due to Key Man Absence as Harrison Takes Medical Leave
CSX announced on Dec. 14 that Hunter Harrison, 73, is taking indefinite medical leave due to illness; we plan to reduce our fair value estimate for CSX as we incorporate a slower operating ratio improvement than we previously projected. In our view, Harrison is the key catalyst driving operational improvement at CSX, and we expect substitutes will be less effective in accomplishing rapid progress toward the 60% level. Prior to today’s announcement, we believe the market fully baked in operating ...CSX provides rail-based freight transportation services. The company's principal operating subsidiary, CSX Transportation, Inc., provides a link to the transportation supply chain through its rail network, which serves centers in states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The company's CSX Intermodal Terminals, Inc. subsidiary owns and operates a system of intermodal terminals, primarily in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments). The company's Total Distribution Services, Inc. subsidiary serves the automotive industry with distribution centers and storage locations.
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