Activist Ancora applauds CSX's decision to replace CEO

Ancora Holdings on Monday welcomed news that railroad operator CSX has replaced its chief executive officer and forecast the new chief would be ready to find another railroad to merge with.

CSX's decision to replace CEO Joe Hinrichs with Steve Angel comes after the activist investor pressured the company to pursue a merger or find another leader. Ancora said last month that it would be ready to pursue a proxy fight to push for these changes.