Shares of the railroad company were sinking over 2.5% in early-morning trading on Thursday after it postponed its October 30th investor day. The move comes just as the company named Jim Foote its new chief operating officer.
Foote was most recently president and CEO of Bright Rail Energy, a company that designs, develops, and sells products to railroads.
"Our team continues to build momentum and the addition of Jim increases my confidence in our ability to serve customers and deliver shareholder value," said Hunter Harrison, president and CEO. "I am more confident than ever in CSX's ability to achieve industry leading operating and financial performance and look forward to showcasing our leadership team at a future date."
Additionally, on Thursday, CSX announced that its board of directors has authorized a $1.5 billion share buyback. "The board's action to expand the repurchase program demonstrates our confidence in CSX's long-term future and ability to generate substantial free cash flow," said Harrison.
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