CSX this week announced that it had replaced its CEO less than two months after an investment fund urged it to either find another railroad company to merge with to better compete with the proposed transcontinental Union Pacific railroad or fire CEO Joe Hinrichs.

The outgoing CEO, who came to the CSX in 2022 after a long career with Ford, focused on repairing CSX’s relationship with its workers and labor unions and unifying the team after a bitter contract fight.

Yet Ancora Holdings, which helped spur major changes at Norfolk Southern, said CSX’s operating performance deteriorated significantly under Hinrichs’ leadership. Hinrichs resigned to clear the way for Steve Angel to become CEO effective this week.

Angel, 70, also comes from outside the rail industry, although earlier in his career he oversaw GE’s locomotive building unit, so he does have that experience. CSX said he has 45 years of experience leading large public companies, including most recently as CEO of Linde and Praxair that provide industrial gasses to other companies.

“We are excited to welcome Steve as our new CEO. He is a visionary in creating long-term value and an expert in guiding companies through significant transformation,” the railroad firm’s board Chairman John Zillmer said.

CSX has been under pressure from Ancora and other investors since Union Pacific announced its $85 billion deal to acquire Norfolk Southern, which is CSX’s rival in the eastern United States. Both BNSF and CPKC railroad companies said they aren’t interested in a merger right now.

Ancora said CSX has delivered disappointing shareholder returns and poor financial performance during Hinrichs’ tenure.