Ancora Holdings Group has disclosed itself as a “growing shareholder” in US rail operator CSX Corp signalling potential activist pressure as the North American rail sector enters a new phase of consolidation, according to a report by Bloomberg.
Speaking on CNBC, Ancora’s President of Alternatives Jim Chadwick criticised CSX’s recent performance under CEO Joseph Hinrichs, suggesting the company is “underperforming”.
The move comes as Ancora further expands its footprint across the transport and industrials sectors. The firm recently played a pivotal role in Norfolk Southern’s boardroom battle, ultimately helping broker its merger with Union Pacific Corp, one of the largest rail tie-ups in recent years. Ancora nominees now sit on Norfolk Southern’s board.
CSX, which has so far declined to comment on Ancora’s stake, is no stranger to activist attention. Its board includes Paul Hilal, the founder of Mantle Ridge, whose involvement in CSX dates back to a prior campaign that led to a high-profile CEO transition in 2017.
