CSX names former Ford exec Joseph R. Hinrichs as CEO effective Sept. 26

Railroad operator CSX Corp. CSX, -3.39% said Thursday it has named former Ford Motor Co. F, +1.57% executive Joseph R. Hinrichs as chief executive and president effective Sept. 26. Hinrichs will replace James M. Foote, who is retiring and will also step down from the board. The executive was most recently president of Ford’s automotive business, after earlier stints as president of global operations, president of the Americas and president of Asia Pacific and Africa. CSX shares were up 4% premarket, in a relief rally after the White House said it has reached a tentative deal with railroad unions to avert a potential strike that would have added to the U.S. problems with the supply chain. The stock is down 17% in the year to date, matching the S&P 500’s SPX, -1.13% performance.