CSX (NASDAQ: CSX) boosts buyback by $5B and shifts tech leadership
Rhea-AI Filing Summary
CSX Corporation reported several governance and capital allocation updates. The company separated from employment with Executive Vice President and Chief Digital & Technology Officer Stephen Fortune, effective immediately. His severance benefits will follow the CSX Executive Severance Plan once a customary separation agreement and release are signed.
Steve Watkins, previously Vice President of Product Management for Rail Operations, will assume Fortune’s responsibilities and report to Executive Vice President and Chief Financial Officer Kevin S. Boone. Shareholders elected all listed director nominees and approved the other matters presented at the Annual Meeting, based on strong "for" vote totals.
The Board of Directors also authorized a new share repurchase program with $5 billion of additional capacity, supplementing approximately $989 million that remained under the existing program as of March 31, 2026. Repurchases may occur through open market purchases, Rule 10b5-1 plans, accelerated share repurchases, and negotiated block trades at the Board’s discretion.
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Insights
CSX adds $5B in buyback capacity while refreshing tech leadership.
CSX expanded its share repurchase authorization by $5 billion, on top of about $989 million remaining as of March 31, 2026. This substantially increases potential capital returned to shareholders via buybacks, subject to Board discretion and market conditions.
The filing also details an immediate leadership change, with Executive Vice President and Chief Digital & Technology Officer Stephen Fortune departing and Steve Watkins assuming his responsibilities. This keeps technology oversight within the existing management team, reporting to CFO Kevin S. Boone.
Directors received large "for" vote majorities, and other proposals passed with significant support, indicating broad shareholder backing for the current governance approach and capital return framework. Future disclosures in company communications may clarify the pace of repurchases under the expanded authorization.
8-K Event Classification
Key Figures
Key Terms
Executive Severance Plan financial
Rule 10b5-1 plans regulatory
broker non-votes regulatory
incremental authority financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section
13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): May 14, 2026 (
(Exact name of registrant as specified in its charter)
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On May 14, 2026, CSX Corporation (the “Company” or “CSX”) announced the separation from employment of Stephen Fortune, Executive Vice President and Chief Digital & Technology Officer of the Company, effective immediately. Upon his separation from employment, subject to his signing a customary employment separation agreement and release form, Mr. Fortune will be eligible to receive compensation and benefits in accordance with the CSX Executive Severance Plan, the terms of which are described in the Company’s 2026 Proxy Statement filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026.
Also on May 14, 2026, the Company announced that Steve Watkins, current Vice President of Product Management for Rail Operations at the Company, will assume Mr. Fortune’s responsibilities and report directly to Kevin S. Boone, Executive Vice President and Chief Financial Officer of the Company, effective immediately.
| Item 5.07. | Submission of Matters to a Vote of Security Holders. |
CSX held its Annual Meeting of Shareholders (the “Annual Meeting”) on Tuesday, May 12, 2026. The final voting results for each matter submitted to a shareholder vote at the Annual Meeting are set forth below.
| Item | 1: The following twelve persons were elected to the CSX Board of Directors: |
| For | Against | Abstain | Broker Non-Votes | |
| Stephen F. Angel | 1,379,611,608 | 46,375,076 | 2,471,569 | 213,699,418 |
| Ann D. Begeman | 1,407,150,154 | 18,833,890 | 2,474,209 | 213,699,418 |
| Thomas P. Bostick | 1,395,768,141 | 29,390,759 | 3,299,353 | 213,699,418 |
| Anne H. Chow | 1,393,916,195 | 31,426,906 | 3,115,152 | 213,699,418 |
| Steven T. Halverson | 1,343,879,631 | 81,915,714 | 2,662,908 | 213,699,418 |
| Paul C. Hilal | 1,392,009,101 | 34,194,853 | 2,254,299 | 213,699,418 |
| David M. Moffett | 1,381,936,630 | 44,017,246 | 2,504,377 | 213,699,418 |
| Linda H. Riefler | 1,322,836,571 | 103,201,665 | 2,420,017 | 213,699,418 |
| Suzanne M. Vautrinot | 1,390,765,256 | 34,480,415 | 3,212,582 | 213,699,418 |
| James L. Wainscott | 1,419,522,887 | 6,381,014 | 2,554,352 | 213,699,418 |
| J. Steven Whisler | 1,374,258,917 | 51,691,965 | 2,507,371 | 213,699,418 |
| John J. Zillmer | 1,122,661,746 | 299,018,366 | 6,778,141 | 213,699,418 |
| Item 2: | Sharehoders ratified the appointment of Ernst & Young LLP as CSX’s independent registered public accounting firm for 2026, by the votes set forth in the table below: |
| For | Against | Abstain | |
| 1,517,948,214 | 121,775,991 | 2,433,466 |
| Item 3: | Shareholders approved, on an advisory (non-binding) basis, the compensation of CSX’s named executive officers, by the votes set forth in the table below: |
| For | Against | Abstain | Broker Non-Votes | |
| 1,324,087,828 | 98,932,409 | 5,438,016 | 213,699,418 |
No other matters were submitted for shareholder action.
| Item 8.01. | Other Events. |
On May 12, 2026, the Board of Directors authorized a new share repurchase program, providing $5 billion of incremental authority to the approximately $989 million remaining under the existing share repurchase program as of March 31, 2026.
The share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors.
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: May 14, 2026