Activist investor who brought change to CSX sells sizable portion of shares

By Will Robinson, Reporter, Jacksonville Business Journal; October 18, 2019

CSX Corp. (Nasdaq: CSX) has agreed to buy back 4.7 million shares of its stock from Mantle Ridge, the activist hedge fund that brought industry veteran E. Hunter Harrison to the Jacksonville-based railroad and began its transition to a new operating model almost three years ago.

The buyback, announced in a filing with the Securities and Exchange Commission, is part of CSX’s previously announced $5 billion stock buyback program, so no new funds will be allocated for it.

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