CSX Corp. says president and CEO Hunter Harrison on medical leave
Hunter Harrison, the bombastic former head of both major Canadian railways and current president and CEO of CSX Corp. is on medical leave from the Florida-based railroad due to what the company called “unexpected complications from a recent illness,” shaving one-tenth off the value of its shares Friday morning.
CSX wouldn’t disclose the nature of the illness that had afflicted Harrison, 73, who was hired in March after several years leading Canada’s two biggest railways — Montreal-based Canadian National (TSX:CNR) and Calgary-based Canadian Pacific (TSX:CP).
The Nasdaq-listed company fell as low as US$51.63, down about 10 per cent, after the company said chief operating officer Jim Foote would fill in as CEO on an interim basis. Shares recovered to close at US$52.80, off 7.86 per cent.
Foote — who worked with Harrison for 11 years at CN Rail and joined him at CSX a few months ago — said Harrison fell ill after a multi-day training exercise for the company’s managers.