CSX executive Stephen Fortune leaves company, board approves $5 billion buyback

CSX Corporation (NASDAQ: CSX) announced the immediate departure of Stephen Fortune, executive vice president and chief digital and technology officer, according to a regulatory filing.

Steve Watkins, currently vice president of product management for rail operations, will assume Fortune's responsibilities and report directly to Kevin S. Boone, executive vice president and chief financial officer. Fortune is eligible for compensation and benefits under the company's executive severance plan upon signing a separation agreement.

The Jacksonville-based railroad company also disclosed that its board of directors authorized a new $5 billion share repurchase program on May 12. This adds to approximately $989 million remaining under the existing buyback program as of March 31, 2026.

Share repurchases may be conducted through various methods including open market purchases, Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing depends on market conditions and remains subject to board discretion.

At CSX's annual shareholder meeting on May 12, all twelve director nominees were elected to the board. Shareholders also ratified the appointment of Ernst & Young LLP as the independent auditor for 2026 and approved executive compensation on an advisory basis.

The director election results showed John J. Zillmer receiving the lowest approval with approximately 1.12 billion votes in favor, while James L. Wainscott received the highest with about 1.42 billion votes.

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