CSX extends nomination deadline to March 10

CSX Corp. has extended the deadline for board nominations to March 10, the company confirmed yesterday.

The announcement marks the second time the Class I has extended the deadline this year for nominations to serve on the board. The action comes as the railroad faces proposals from hedge fund Mantle Ridge LP that include installing former Canadian Pacific Chief Executive Officer E. Hunter Harrison as CSX's next CEO.

CSX announced last week that it will schedule a special meeting for shareholders to consider the proposals. Earlier this week, the company announced that Chairman and CEO Michael Ward and President Clarence Gooden will retire May 31. Chief Sales and Marketing Officer Fredrik Eliasson has been appointed president.

Also this week, CSX said that it will eliminate about 1,000 management employees through an "involuntary separation program" that will be completed next month.