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,” […]
Norfolk Southern says that activist investor Ancora Holdings’ detailed plan for the railroad, released last week in a 193-page presentation, contains misleading operational data and vastly overstated cost-savings projections. Ancora says its proposed management team would reduce costs by $800 million through a full-blown implementation of the low-cost Precision Scheduled Railroading operating model at NS. […]
WASHINGTON — The AFL-CIO today became the latest organization to oppose an activist investor’s bid to gain control of Norfolk Southern. “In our view, Ancora’s business plan to reduce Norfolk Southern’s operating ratio while improving safety and service is not realistic. Railway labor unions, shippers, and federal regulators have warned that Ancora’s plans may jeopardize […]
Trains sat down with Norfolk Southern CEO Alan Shaw and new Chief Operating Officer John Orr today to discuss the railroad’s strategy and response to activist investor Ancora Holdings. Ancora has launched a proxy battle to gain control of the Norfolk Southern board, and wants to appoint former UPS executive Jim Barber Jr. as CEO […]
Jamie Boychuk, the activist investor candidate aiming to lead operations at Norfolk Southern, says improvements the railroad has made in recent weeks under new Chief Operating Officer John Orr — like increasing train velocity, reducing dwell, and removing 75 locomotives from active service — are low-hanging fruit that will help reduce the operating ratio by […]
Former UPS executive Jim Barber Jr., an activist investor’s candidate to replace Norfolk Southern CEO Alan Shaw, says his experience at the parcel giant is directly applicable to a railroad. UPS’s package network relies on the very same principles as the low-cost Precision Scheduled Railroading operating model that Ancora Holdings wants to fully implement at […]
