CSX Corporation Announces Retirement of EVP & COO Michael A. Cory

Executive Transition Overview

On October 12, 2026, CSX Corporation announced that Michael A. Cory stepped down from his role as Executive Vice President and Chief Operating Officer, effective immediately. Mr. Cory will provide transition services through May 8, 2027, at which point his employment with CSX will conclude.

Compensation and Transition Terms

Pursuant to the Transition Agreement entered into between CSX and Mr. Cory:

• Base Salary: Continued payment at his current annual base salary of $780,000 through the Transition Period ending May 8, 2027.
• Annual Incentive (MICP): Entitlement to his 2026 annual bonus based on actual performance, as well as a pro-rated 2027 annual bonus target based on the number of days employed in 2027.
• Equity Treatment: Outstanding equity incentive awards will follow standard retirement termination terms.
• Restrictive Covenants: A Non-Compete Agreement imposing 24-month post-employment non-competition and non-solicitation restrictions, alongside perpetual confidentiality obligations.

Operational Reporting Restructuring

CSX did not name an immediate successor COO. Instead, operational oversight transitions directly to President and CEO Steve Angel, with two senior executives reporting to him:

• Doug Ryhorchuk, Senior Vice President of Operations (overseeing transportation, engineering, and mechanical functions).
• Casey Albright, Senior Vice President of Network Operations and Service Design.

Market & Strategic Implications

Mr. Cory's retirement removes a key operational figure overseeing CSX's rail network. However, the direct reporting alignment of experienced veterans Ryhorchuk and Albright to CEO Steve Angel provides continuity in day-to-day operations and network service execution.