JACKSONVILLE, Fla. — Former Canadian Pacific CEO E. Hunter Harrison is close to a deal to become chief executive at CSX Transportation and an announcement could come as early as next week, Bloomberg reported Friday afternoon, citing people fami…
http://trn.trains.com/news/news-wire/2017/03/03-csx-ehh-near-deal
Well, CSX, it’s been nice knowin’ ya. You’re going to be severely reduced in size and capabilities in the name of making things great for investors. Customers and employees will suffer but Harrison will be declared a hero for making Mantle Ridge many billions and leave the company in distress when he and they exit. It’s the bold faced plan of corporate raiders. You’re going to see many miles of trackage leased or sold to short lines and CSX will be reduced to mainline service only. Sure, Harrison turned CN and CP into profitable railroads but the beneficaries were only the investors and not the customers or employees. It’s all about the almighty dollar. Harrison will likely walk away with more money than he will ever be capable of spending and it will be at the expense of those who have an interest in keeping the company alive so some can make a living working there and the demise of customer service. Pure, unadulterated greed.
So when does EHH try to have CSX aquire CP or CN??? (heh!)
At 72 Harrison is past is sell by date and much closer to his planting date. Not worth the $330M asking price. Understand through channels he only wants to play for 4 years. $82.5M a year to shorten the future of CSX isn’t worth it to this stockholder.
Good for him though for wanting to keep working… retirement is not for everyone.
The question, though, is this - is he “working,” or just serving as a figurehead for the investment groups?
This article from the Mop & Pail describes how Hunter Harrison does business.
----- Forwarded Message -----
Subject: Globe and Mail: “Oh my God, it’s so brutal”
In just a few years, Hunter Harrison turned a lagging railway into an industry leader. He slashed costs, tripled profit and made a fortune for shareholders. But the overhaul came at a pric
I’m sure Mantle Ridge will make him work for it…these guys are uber aggressive and will kick him to the curb if his results are anything less than stellar.Given EHH’s past I would give him the benefit of the doubt.
That story is so familiar. I heard it many time from CN employees when Harrison was CEO there. Create a culture of fear to keep people in line. Fire them for the slightest offense.
however, death is for everyone! Some sooner than later.
Just ask Cindy Sanborn about her fathers short time as head of ConRail.
That’s a true fact…
I would say it’s more sad. Maybe even pathetic. I think it’s way too late for him to craft a legacy other than what’s written on the restroom walls of locomotives.
I dunno… maybe he just likes working. Business is the wrong vocation for creating a legacy anyway.
So who’s responding by buying NS stock??
Coal miners? Funny how NS and CSX stock seem to move in lockstep…