CLEVELAND — With less than a week to go in its Norfolk Southern proxy fight, activist investor Ancora Holdings has questioned the railroad’s service improvements, won support from a small proxy advisory firm, and sought to woo shareholders with a letter from CEO candidate Jim Barber Jr. NS has touted the pace of operational improvements […]
ALTOONA, Pa. — Norfolk Southern’s Lackawanna heritage locomotive, SD70ACe No. 1074, has emerged from the Juniata Locomotive Shop with a fresh coat of paint. NS, which showed off the locomotive on social media yesterday, says it took 10 carmen 750 hours to blast, prep, and paint the unit. More than 105 gallons of primer, color […]
CHICAGO — Surface Transportation Board Chairman Martin J. Oberman on Wednesday blasted activist investor Ancora Holdings, saying that its plans for Norfolk Southern are a threat to rail service and the U.S. economy. Ancora and NS are trying to woo the railroad’s shareholders in a bitter proxy battle that will end May 9 at the […]
Norfolk Southern shareholders should elect five of an activist investor’s seven board candidates but retain embattled CEO Alan Shaw, proxy advisory firm Institutional Shareholder Services recommended today. If institutional shareholders follow the ISS guidance at the NS annual meeting on May 9, it would leave Ancora Holdings two seats short of a majority on the […]
Norfolk Southern says activist investor Ancora Holdings violated the Railway Labor Act when it negotiated a deal with the general chairmen of the Brotherhood of Locomotive Engineers and Trainmen in exchange for the union’s support in its proxy campaign. The BLET in February was vehemently opposed to Ancora’s plan to oust Norfolk Southern’s management and […]
In a significant boost to activist investor Ancora Holdings, one of the two major proxy advisory firms has recommended that Norfolk Southern shareholders vote in favor of six of its seven dissident board candidates. Glass Lewis made the recommendation in a report issued on Sunday, which concludes that Ancora has made a compelling case that […]
Industry observers had wondered why the Brotherhood of Locomotive Engineers and Trainmen — which had vehemently opposed an activist investor’s plans to oust Norfolk Southern’s management team — flip-flopped on Friday and decided to support Ancora Holdings’ calls for change at the railroad. The reason became apparent on Sunday, when the SMART-TD union that represents […]
WASHINGTON — Well, you can bet there will be interesting discussions going on in Norfolk Southern locomotive cabs today. Just hours after the Brotherhood of Locomotive Engineers and Trainmen reversed course and said it would back activist investor Ancora Holdings in its bid to oust Norfolk Southern management, the SMART-TD union that represents conductors said […]
INDEPENDENCE, Ohio — The Brotherhood of Locomotive Engineers and Trainmen is now backing activist investor Ancora Holdings and its call for management change at Norfolk Southern. The union’s decision, announced today, is the second in as many days: The union representing maintenance of way workers yesterday swung its support to Ancora. The unions represent 41.5% […]
CLEVELAND – The union representing Norfolk Southern’s maintenance of way employees has thrown its support behind activist investor Ancora Holdings. The Brotherhood of Maintenance of Way Employes Division of the International Brotherhood of Teamsters said today that a change in leadership is necessary at NS. The union is backing Ancora’s full slate of director candidates […]
ATLANTA — Norfolk Southern executives today outlined steps they will take over the next six months to improve operations and service while wringing out $250 million in costs. NS is under pressure to show improvements amid a proxy battle with activist investor Ancora Holdings, which has been critical of the railroad’s lagging financial and operational […]
CSX today announced the winners of its third annual CSX Customer Environmental Excellence Awards, which salute shippers who convert a portion of their freight from truck to rail. “Sustainability is a shared priority between CSX and our customers. Helping them reduce emissions by converting from trucks to rail is an important part of our strategy,” […]
