01:10 PM EDT, 10/21/2025 (MT Newswires) -- CSX's (CSX) board ousted Chief Executive Joe Hinrichs last month following disputes over his compensation and his response to a potential merger proposal from rival Union Pacific ( UNP ) , Semafor reported Tuesday, citing people close to the matter.

According to the report, Union Pacific's ( UNP ) Jim Vena proposed a merger to Hinrichs, but Hinrichs failed to pursue the deal and Union Pacific ( UNP ) struck an $85 billion deal with Norfolk Southern ( NSC ) , leaving CSX out.

After the rival merger was announced, the CSX board questioned Hinrichs' lack of involvement, adding to prior disagreements over his $14 million compensation, the report said.

CSX and Union Pacific ( UNP ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources, but may include rumor and speculation. Accuracy is not guaranteed.)

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