CSX announces COO Michael A. Cory's retirement
Doug Ryhorchuk and Casey Albright will report directly to President and CEO Steve Angel.
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Form Type
8-K
Rhea-AI Filing Summary
CSX Corporation announced that Executive Vice President and Chief Operating Officer Michael A. Cory is retiring. He will leave the COO role effective October 12, 2026, provide transition services through May 8, 2027, and then end his employment in all capacities. Under a transition agreement, Cory will continue receiving his $780,000 annual base salary, health and welfare benefits, and a 2026 incentive bonus based on actual performance, subject to executing and not revoking a release of claims and complying with post-employment restrictions.
His 2027 incentive bonus will have the same target opportunity as in 2026, prorated for days employed in 2027 and based on actual performance. His outstanding equity awards will be treated under applicable award agreements as a retirement termination. Noncompetition and nonsolicitation restrictions apply during employment and for 24 months after termination; confidentiality restrictions apply during employment and at all times thereafter. Senior Vice Presidents Doug Ryhorchuk and Casey Albright will report directly to President and CEO Steve Angel.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual base salary: $780,000 per year
Transition services through: May 8, 2027
COO role transition effective: October 12, 2026
+1 more
4 metrics
Annual base salary
$780,000 per year
During the transition period
Transition services through
May 8, 2027
End of the transition period
COO role transition effective
October 12, 2026
Michael A. Cory ceases serving as COO
Noncompetition and nonsolicitation restrictions
24 months
Following termination of employment
Key Terms
CSX Management Incentive Compensation Plan, Non-Compete Agreement, release of claims, target bonus opportunity
4 terms
CSX Management Incentive Compensation Plan financial
"bonus under the CSX Management Incentive Compensation Plan (“MICP”)"
Non-Compete Agreement regulatory
"entered into a Non-Compete Agreement with the Company"
release of claims regulatory
"execution and non-revocation of a release of claims"
target bonus opportunity financial
"with a target bonus opportunity in the same amount as his target bonus opportunity for 2026"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is CSX's transition salary for Michael A. Cory?
During the transition period, Michael A. Cory will continue to receive a base salary at an annual rate of $780,000, benefits under CSX health and welfare plans, and a 2026 incentive bonus based on actual performance. These terms are subject to his execution and non-revocation of a release of claims and compliance with post-employment restrictive covenants.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||||||
| of incorporation) | Identification No.) | |||||||
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(904 ) 359-3200
____________________________________________________________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
_☐ _ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
_☐ _ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
_☐ _ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
_☐ _ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company _☐ _
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. _☐ _
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 12, 2026, CSX Corporation (the "Company" or "CSX") announced that Michael A. Cory is retiring from the Company. In connection with his retirement and in order to facilitate a smooth transition of his responsibilities, Mr. Cory will cease serving in his position as Executive Vice President and Chief Operating Officer of the Company, effective October 12, 2026 (the "Transition Date"), and will provide transition services from the Transition Date through May 8, 2027 (the "Transition Period"), at which time his employment with the Company will terminate in all capacities.
The Company has entered into a Transition Agreement with Mr. Cory (the “Transition Agreement”) under which, during the Transition Period, he will continue to receive, subject to his execution and non-revocation of a release of claims and compliance with post-employment restrictive covenants (including the Non-Compete Agreement (as defined below)), his current base salary at the annual rate of $780,000, payment of his annual bonus under the CSX Management Incentive Compensation Plan (“MICP”) in effect for 2026 based on actual performance in accordance with its terms, and benefits under the Company’s health and welfare plans and programs. In addition, Mr. Cory will be eligible to receive an annual bonus under the 2027 MICP with a target bonus opportunity in the same amount as his target bonus opportunity for 2026, with payment of any such bonus pro-rated based on the number of days he is employed in 2027 and based on actual performance goals in accordance with the terms of the 2027 MICP and payable at the time bonuses are paid to the Company’s senior executives. Mr. Cory’s outstanding equity incentive awards will be treated in accordance with a “retirement” termination under the terms of the applicable award agreements.
Mr. Cory has also entered into a Non-Compete Agreement with the Company (the “Non-Compete Agreement”), pursuant to which Mr. Cory is subject to non-competition and non-solicitation restrictions that apply during his continued employment with the Company and for 24 months following the termination of his employment, and confidentiality restrictions that apply during employment and at all times thereafter.
The foregoing descriptions of the Transition Agreement and Non-Compete Agreement do not purport to be complete and are subject to, and qualified in their entirety by, the full text of such agreements to be attached to the Company’s Annual Report on Form 10-K filed for the fiscal year ending December 31, 2026.
Item 7.01 Regulation FD Disclosure.
On October 12, 2026, the Company issued a press release announcing the leadership change reported in this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibits are being furnished herewith:
| Exhibit Number | Description | |||||||
| 99.1 | Press Release, dated October 12, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CSX CORPORATION
By: /s/ MICHAEL S. BURNS
Name: Michael S. Burns
Title: Senior Vice President – Chief Legal Officer and Corporate Secretary
DATE: October 13, 2026
Exhibit 99.1
CSX Announces Retirement of Chief Operating Officer Mike Cory
JACKSONVILLE, Fla. – October 12, 2026 – CSX (NASDAQ: CSX) announced today that Mike Cory, executive vice president and chief operating officer, is retiring from the company. Mike will work with the entire leadership team to ensure a smooth transition.
“Mike has dedicated his career to the railroad industry and has made significant contributions to CSX, our customers, and our employees, helping drive safety and productivity to record levels while developing a strong bench of leaders across our Operations organization,” said Steve Angel, president and chief executive officer. “On behalf of the entire company and our Board of Directors, I want to thank him for his leadership and commitment to CSX. We wish him all the best in retirement.”
Doug Ryhorchuk, senior vice president of Operations, and Casey Albright, senior vice president of Network Operations and Service Design, will now report directly to Angel. Ryhorchuk spent nearly four decades at CN before coming to CSX in 2024 and oversees CSX’s transportation, engineering, and mechanical functions, with a focus on safety and efficiency. Albright has nearly 30 years of service at CSX and leads the design and execution of service plans that strengthen network fluidity and service reliability.
“CSX has a deep and experienced operations leadership team,” Angel said. “I have great confidence in Doug, Casey, and our entire Operations organization. Under their leadership, our priorities remain the same: operating safely, delivering consistent and reliable service to our customers, and driving long-term value for our shareholders as we continue working to make CSX the best-performing railroad in North America.”
About CSX
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links approximately 250 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on X, formerly known as Twitter (https://x.com/CSX).
Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515
Austin Staton, Corporate Communications
855-955-6397
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