The co-founder of the hedge fund that sought management changes at CSX Transportation has resigned, reports Bloomberg news.
Snehal Amin, an American, was co-founder of The Childrens Investment Fund, which bought up substantial publicly traded shares of CSX, engineered the election of TCI-favored candidates to the CSX board of directors, and allegedly sought to replace CSX Chairman Michael Ward with CN CEO Hunter Harrison.
Among the four TCI-favored candidates now seated on the 12-member CSX board is former Conrail CEO, Timothy OToole.
TCI owns 4.5 percent of CSX stock, ranking it among the top three CSX stockholders. TCI also owns 4.7 percent of Union Pacific, ranking it among the top two UP stockholders.
(The preceding article is based on reports by Bloomberg news, the Financial Times and other sources)
