CSX Corp. appointed Hunter Harrison as CEO on March 7, effective immediately, entrusting the industry veteran with the task of turning around North America’s least efficient railroad. He’ll stick around as long as shareholders are willing to meet his pay demands.

CSX Corp. may install Hunter Harrison as chief executive officer as early as the week of March 6 as the railroad and an activist shareholder move closer to ending an impasse over Harrison’s pay package, people familiar with the matter said.

Canadian Pacific Railway is moving away from a proxy fight for Norfolk Southern Corp. but still plans to pursue a takeover of the U.S. carrier, a person familiar with the plan said.