CSX COO Mike Cory Retires, and Angel Leaves the Job Open

CSX did not name a new chief operating officer when Mike Cory stepped down on Monday, Oct. 12. Instead, the railroad's two senior operations vice presidents now report straight to chief executive Steve Angel. Cory is the fifth of the seven executives named in CSX's 2026 proxy statement to leave since September 2025, by TradeFlock's count. Only Angel and finance chief Kevin Boone are still in their jobs.

What CSX Announced on Monday

In a press release, CSX said Cory, executive vice president and chief operating officer, is retiring and "will work with the entire leadership team to ensure a smooth transition." 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."

Angel credited Cory with "helping drive safety and productivity to record levels while developing a strong bench of leaders across our Operations organization." He added: "CSX has a deep and experienced operations leadership team."

The release did not say whether CSX will hire a new chief operating officer. It said Ryhorchuk "spent nearly four decades at CN before coming to CSX in 2024," and that Albright has nearly 30 years at CSX.

The Terms in the 8-K

CSX's Form 8-K, filed Tuesday, Oct. 13, says Cory gave up the COO title effective Oct. 12. He will provide "transition services" through Saturday, May 8, 2027, when his employment ends "in all capacities." Under a transition agreement, he keeps:

• His base salary at the annual rate of $780,000.
• His 2026 bonus under the CSX Management Incentive Compensation Plan, based on actual performance.
• A 2027 bonus with the same target as 2026, pro-rated for the days he works in 2027.
• Health and welfare benefits, and "retirement" treatment of his outstanding equity awards.

The payments depend on Cory signing a release of claims and complying with a non-compete agreement. That agreement bars him from competing or soliciting for 24 months after he leaves.

TradeFlock estimates the cash at about $730,000 before the 2026 bonus. Our math:

• Salary: Oct. 12, 2026 to May 8, 2027 is 208 days. $780,000 x 208 / 365 = about $444,500.
• 2027 bonus at target: the 2026 proxy statement set Cory's 2026 target at 105% of salary, or $819,000. Jan. 1 to May 8, 2027 is 128 days. $819,000 x 128 / 365 = about $287,200, if performance pays at target.

Both figures are TradeFlock estimates, not company disclosures. The final payout depends on actual bonus results.

Retirement Terms, Not Severance

The structure matters because CSX's executive severance plan, as described in the proxy, pays one times base salary plus one times target bonus. For Cory, that would be $780,000 plus $819,000, or $1,599,000 (TradeFlock's math). The 8-K describes a retirement with a paid transition period instead, and it does not cite the severance plan.

That differs from earlier exits in Angel's tenure. The proxy says former CEO Joseph Hinrichs "involuntarily separated" on Sept. 27, 2025, and former CFO Sean Pelkey on Oct. 29, 2025, both under terms that made them eligible for severance.

Five of Seven Proxy Executives Gone

The 2026 proxy, filed March 30, named seven executives. Here is where each one stands:

• Joseph Hinrichs, former CEO: separated September 2025.
• Sean Pelkey, former CFO: separated October 2025.
• Diana Sorfleet, chief administrative officer: retired February 2026.
• Stephen Fortune, chief digital and technology officer: separated May 14, according to a Form 8-K filed that day. His duties went to Steve Watkins, who reports to Boone.
• Mike Cory, COO: retiring as of Oct. 12.
• Kevin Boone: moved from chief commercial officer to CFO in October 2025.
• Steve Angel: CEO since September 2025, after serving as Linde's chief executive from 2018 to 2022.

Twice now, Angel has folded a departing executive's reports into an existing line rather than naming a like-for-like replacement: technology under the CFO in May, and operations under himself on Monday.

What Cory Cost to Bring In

Cory joined CSX in September 2023 after a 39-year career at Canadian National, the proxy says. Progressive Railroading reported that he was appointed on Sept. 8, 2023, having retired from CN in 2019 as its chief operating officer.

The proxy put his 2025 total pay at $6,855,481. That figure includes about $2.2 million of relocation costs, among them a $1.6 million loss on the sale of his home, which CSX bought out under its relocation policy.

Who Runs the Railroad Next

Watch whether CSX names a chief operating officer in its next annual report or keeps operations reporting to Angel. The 2027 proxy will also show what Cory's equity was worth under the retirement terms.

CSX stock closed at $47.75 on Monday, up 1.0% from Friday's $47.26, according to Yahoo Finance chart data (our math: 47.75 / 47.26 - 1).

For more leadership coverage, read how Bausch + Lomb's CEO contract shaped Brent Saunders' exit and how Stryker picked insider Spencer Stiles to succeed Kevin Lobo.

Cover image: Belt Railway of Chicago Clearing Yard, Chicago, by Ken Lund via Wikimedia Commons, CC BY-SA 2.0 (cropped).