August 21, 2025
Cleveland, OH - August 21, 2025 - The American Train Dispatchers Association (ATDA) strongly opposes the latest campaign by activist investor Ancora Holdings to seize control of CSX Transportation, remove current CEO Joe Hinrichs, and install former CSX executive Jamie Boychuk as his replacement.
Ancora’s actions represent a direct threat to the stability of the nation’s rail network, the safety of the communities we serve, and the livelihoods of railroad workers. Moreover, its previous attempt to force leadership changes at Norfolk Southern last year was rejected by shareholders, employees, and industry stakeholders alike. That effort, driven by an agenda of deep staffing cuts and the resurrection of failed Precision Scheduled Railroading (PSR) strategies, was rightfully viewed as a recipe for short-term profit at the expense of long-term safety, sustainability, and service.
With its gaze now fixed on CSX, Ancora is now attempting to recycle the same reckless playbook, with Jamie Boychuk central to its plans. Boychuk’s record at CSX is well known: aggressive cost-cutting measures, diminished service quality, and decisions that alienated frontline workers while eroding public trust in the railroad. That’s a plan for short-term wall-street games, but it’s not a path to prosperous railroad management.
Under CEO Joe Hinrichs, however, CSX has made meaningful progress toward recovering from the last destructive hedge fund takeover. Mr. Hinrichs has shown a commitment to reconnecting with employees and prioritizing long-term investment in infrastructure and safety.
Given that Boychuck was a central culprit in damaging CSX during dismal Mantle Ridge Hedge fund takeover of 2017, there is a real sense of irony to Ancora’s efforts. They not only want to replace Hinrichs, who is working to repair the railroad, but also to install the man who helped break it in the first place.
ATDA calls on CSX’s board of directors, shareholders, regulators, and public officials to reject Ancora’s destructive proposals. As Train Dispatchers, we know firsthand the consequences of understaffing, deferred maintenance, and policies that degrade safety in the name of efficiency. America cannot afford to let its rail network fall victim to another round of slash-and-burn tactics.
