ATLANTA – Norfolk Southern CEO Alan Shaw trounced the activist investor’s chief executive candidate during last week’s proxy contest, according to a final tally of shareholder votes the railroad released today. Shaw received the backing of 64.1% of the investors who voted for board candidates in the days leading up to Thursday’s annual shareholder meeting. […]
ATLANTA — With a bruising proxy battle now behind it, Norfolk Southern now must deliver on the promises the railroad has made, CEO Alan Shaw said in a video message to employees today. “It was a good day for Norfolk Southern,” Shaw said of Thursday’s annual meeting of shareholders, where investors backed the railroad’s management […]
Railfan Road: Virginia’s 460 has all the elements: tracks generally within sight, a legendary grade, interesting endpoints, rail attractions along the way, and reasonable train density (including two Amtrak routes). Some unique cuisine and non-rail history along the way even make it palatable for the non-railfans in the car. The 225-mile trip between Roanoke and […]
ATLANTA — Norfolk Southern shareholders delivered a split verdict today, sparing CEO Alan Shaw while electing three of activist investor Ancora Holdings’ insurgent director candidates and ousting its independent chair, Amy Miles. Investors sent a clear message that ends the bitter proxy fight. They backed Ancora’s desire for change but sought to give Shaw & […]
PITTSBURGH — East Ohio Valley Railway, one of the seven railroads of Transtar LLC, will more than double its operating mileage through a long-term lease of rail lines in the Powhatan Point, Ohio, area, Transtar has announced. The East Ohio Valley, currently 12.2 miles, will add a total of 18 miles through lease from Norfolk […]
If activist investor Ancora Holdings wins its Norfolk Southern proxy battle this week, its new management team aims to generate unprecedented growth in carload traffic over the next four years. Ancora plans to run the same playbook that CSX has used since it shifted to a Precision Scheduled Railroading operating plan in 2017. Improve your […]
MOBILE, Ala. —“Hopeful” is the key word in the status report on Gulf Coast passenger service submitted by Amtrak, CSX, Norfolk Southern, and the Port of Mobile to the Surface Transportation Board last week. The May 1 report was required by the STB after a February hearing and subsequent explanation of delays was short on […]
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 […]
