CSX Joins Rest of Big Four Railroad Companies in Installing New Generation of Legal Leadership
CEO Joe Hinrichs said the company's hiring of an 18-year veteran of its legal department as legal chief "highlights our confidence in the exceptional depth of talent within our organization. We are fortunate to have an outstanding team of railroaders poised to harness our current momentum and propel us toward even greater success."
November 13, 2024 at 02:15 PM
3 minute read
CSX Chief Legal Officer Nathan Goldman, the longest-serving legal chief among the Big Four U.S. railroads, is stepping aside, in what the company casts as an orderly transition made possible by the company's deep well of internal legal talent.
Goldman, who is retiring effective Jan. 2, 2025, has been with Jacksonville, Florida-based CSX for 21 years and has been legal chief since November 2017, a steadying force during a span when he reported to three different CEOs. Goldman will will be succeeded by 18-year CSX veteran Michael Burns, who's been general counsel since 2017.
The company has enjoyed far more stability in the legal department than its rival Nortfolk Southern, which in September fired Chief Legal Officer Nabanita Nag and CEO Alan Shaw, saying they were having an inappropriate romantic relationship that violated the company's policies and code of ethics. Succeeding Nag is Jason Morris, who over the course of 14 years worked himself up from the bottom to the top of the legal department. He is the Atlanta-based company's seventh legal chief in seven years.
CSX is the nation's third-largest railroad company, and Norfolk Southern is fourth-largest. The largest, BNSF, promoted Jill Mulligan, who's been with the Fort Worth, Texas-based company for 17 years, to CLO two years ago. The second-largest, Union Pacific, promoted Craig Richardson, who's been with the Omaha, Nebraska-based company since 2016, to CLO in December 2020.
The transitions have put a new generation of legal leaders at the helm of the nation's railroad companies. At Norfolk Southern, for instance, the revolving door of legal chiefs began in 2016 with the retirement of James Hixon at 63. Nag is in her late 40s, while current legal chief Shaw is in his mid-40s. At CSX, Michael Burns is in his late 40s, while Nathan Goldman is in his late 60s.
"Nathan’s contributions to CSX have been highly valued, and his expertise and dedication have been instrumental to our organization. His leadership will leave a lasting legacy, having developed the best group of legal, regulatory and compliance professionals in the industry," CEO Joe Hinrichs said in a statement.
As Goldman's succeessor, Burns will oversee all of CSX's legal and regulatory affairs, the corporate secretary’s office, risk management, police and infrastructure protection, environmental and hazmat, and audit functions.
Hinrichs said that, over the course of his CSX career, Burns gained experience in a vast array of areas, from employment law and hazardous waste containment to risk management as he took on he took on positions of increasing respsonsibility. Burns will bring "invaluable insight and stability" to his new role.
He added: “This leadership transition underscores CSX’s commitment to growth and highlights our confidence in the exceptional depth of talent within our organization. We are fortunate to have an outstanding team of railroaders poised to harness our current momentum and propel us toward even greater success."
The company has not yet disclosed Burns' compensation package. In 2023, Goldman was CSX's sixth-highest paid executive, earning $3.8 million. That included a stock and option grants totaling $2.3 million, salary of $570,000 and cash incentive compensation of $589,950.
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