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CSX’s CEO Hunter Harrison describes key step in succession plan

(Reuters) – CSX Corp (CSX.O) Chief Executive Officer Hunter Harrison stated on Wednesday he was once “trying to stay back a little bit” to offer his control workforce area to influence the No. three U.S. railroad thru a significant operations overhaul, a transfer he described as a part of his succession plan.

FILE PHOTO – CEO Hunter Harrison of CP solutions shareholders questions right through the corporate’s annual common assembly in Calgary, Alberta, May 14, 2015. REUTERS/Todd Korol

Harrison, a 73-year-old railroading legend appointed as CEO in March to nice investor fanfare, stopped wanting offering detailed succession plans whilst addressing a Credit Suisse convention in Palm Beach.

But Harrison stated giving executives room to function is “one of the steps in the succession.”

“I am kind of – I don’t want you to take this wrong – I am trying to stay back a little bit and allow them some room to do their thing,” Harrison stated.

Harrison praised Chief Operating Officer Jim Foote, who labored for Harrison when he led a turnaround at Canadian National Railway Co (CNR.TO), and others he put in position in a management shakeup that rattled workers and buyers remaining month.

Harrison’s plans to slash prices, spice up profitability, and streamline operations on the Jacksonville, Florida-based railroad have resulted in continual provider delays and disruptions for some consumers.

“I am there to help if they need me,” Harrison stated. “But at the same time … this company’s got to be ready to deal, and it is going to be ready to deal, without Hunter Harrison. And that’s one of the steps in the succession.”

Harrison has a four-year contract with CSX, corporate spokesman Rob Doolittle stated.

Reporting via Eric M. Johnson in Seattle; Editing via Frances Kerry

Our Standards:The Thomson Reuters Trust Principles.

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