Norfolk Southern needs to make some concessions to activist investor Ancora Holdings if the railroad wants to maintain control of its board and keep its current management team, retired Canadian National CEO JJ Ruest says. Ruest knows a thing or two about proxy battles: He tamped down activism from one of CN’s largest investors after […]
TORONTO — EdgePoint Investment Group, which has a $960 million stake in Norfolk Southern, today praised the proxy battle that activist partner Ancora Holdings is waging against the railroad. “EdgePoint supports the changes proposed by Ancora to NSC’s board of directors and management team,” EdgePoint said in a statement. Ancora has proposed a majority slate […]
LOWER SAUCON TOWNSHIP, Pa. — National Transportation Safety Board investigators have released control of the site of Saturday’s collision and derailment involving three trains to Norfolk Southern for its crews and contractors to address cleanup, the Allentown Morning Call reports. The NTSB turned the site over to NS late this afternoon [Sunday, March 3], but […]
LOWER SAUCON TOWNSHIP, Pa. — The National Transportation Safety Board is investigating a derailment involving three Norfolk Southern trains that occurred today (Saturday, March 2) near Allentown, Pa., the safety agency said on social media site X. The incident sent two locomotives partially into the adjacent Lehigh River; NS reported diesel fuel and a small […]
CLEVELAND – Activist investor Ancora Holdings has asked the Norfolk Southern board to explain why it gave CEO Alan Shaw a 37% raise last year despite presiding over the industry’s worst financial results, poor stock performance, and the railroad’s “ineffective and tone-deaf response” to the hazardous materials derailment in East Palestine, Ohio. “It is astonishing […]
Associations representing railroad shippers say they’re concerned about Ancora Holdings’ proxy battle at Norfolk Southern, fearing that the activist investors will put an emphasis on boosting short-term profits at the expense of service. “Seems as if NS is making strides on improving service which, to a certain degree, means abandoning some of the Precision Scheduled […]
ATLANTA — The activist investors targeting Norfolk Southern pose a threat to the railroad industry and the U.S. economy and may prompt new regulations, outgoing Surface Transportation Board Chairman Martin J. Oberman told a shipper conference today. Oberman was highly critical of Ancora Holdings’ proxy battle against NS, along with its efforts to replace current […]
ATLANTA — Norfolk Southern CEO Alan Shaw, who has been a punching bag for the activist investors who are trying to oust him, defended the railroad’s growth strategy at a shipper conference today. “I am fighting. I am fighting for what’s right and I am fighting for the industry,” Shaw told the Southeast Association of […]
NEW YORK — Norfolk Southern and RapidSOS, which provides secure data information to first responders, have unveiled a rail safety system to increase availability of critical information at significant incidents. The collaborative effort announced today will be free to public safety agencies across the U.S. It will provide access to cargo and hazardous material information, […]
WASHINGTON — The Norfolk Southern engineer killed in a Jan. 31 incident in Decatur, Ala., suffered fatal injuries when his locomotive was struck by a group of 35 railcars rolling on an adjacent track, the National Transportation Safety Board said in a preliminary accident report released today (Wednesday, Feb. 28). The incident occurred about 4:15 […]
The proxy battle that activist investor Ancora Holdings is waging against Norfolk Southern isn’t just about the direction NS should take and who should run the company. It’s a fight for the future of the railroad industry. The Cleveland-based activist investor seems to be taking the position that railroads shouldn’t grow. They argue that intermodal, […]
INDEPENDENCE, Ohio — The Brotherhood of Locomotive Engineers and Trainmen today said it will “vigorously oppose” an activist investor’s attempt to gain control of the Norfolk Southern board and oust CEO Alan Shaw and Chief Operating Officer Paul Duncan. Cleveland-based Ancora Holdings is waging a proxy battle and has proposed a slate of eight directors […]
