March 6, 2017 / 8:10 PM / a year ago

CSX reaches deal with activist investor over new CEO, board seats -WSJ

March 6 (Reuters) - CSX Corp has struck a deal with activist investor Mantle Ridge LP to install railroad executive Hunter Harrison as the company’s chief executive and to nominate for five seats on its board, the Wall Street Journal reported on Monday.

CSX and Mantle Ridge have been discussing a deal to make Harrison the CEO, though the two sides have been hashing out terms of the agreement, Reuters reported on Friday.

The Wall Street Journal said on Monday that CSX has inked a deal to have Harrison serve as CEO for four years, and for Mantle Ridge to be able to nominate its founder, Paul Hilal, Harrison and three others as board directors, one seat less than the investor originally sought.

Editing by Meredith Mazzilli

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