WASHINGTON — Surface Transportation Board Chairman Martin J. Oberman says he’s disappointed that executives from Ancora Holdings, the activist investor firm engaged in a proxy battle with Norfolk Southern, have yet to schedule a meeting to discuss its goals for the railroad. Ancora Holdings Group Chairman and CEO Frederick DiSanto and Ancora Alternatives President James […]
WASHINGTON — The Transportation Trades Division of the AFL-CIO today urged Norfolk Southern shareholders to reject an activist investor’s bid to gain control of the railroad. Ancora Holdings, which has been critical of Norfolk Southern’s response to the Feb. 3, 2023, hazardous materials derailment in East Palestine, Ohio, as well as the railroad’s lagging financial […]
AKRON, Ohio — A federal court has ruled against Norfolk Southern in a suit seeking to share cleanup costs for the February 2023 East Palestine derailment with railcar owners and the maker of the vinyl chloride involved in the incident. In a decision filed Wednesday, Judge John R. Adams of the U.S. District Court for […]
CLEVELAND — Continuing attacks on current management at Norfolk Southern, board nominees of investor Ancora Holdings have issued a “white paper” on last Saturday’s three-train NS collision in Pennsylvania in which they outline what they say would be safety upgrades at the railroad and question the current operating culture. The investment group launched a proxy […]
LOWER SAUCON TOWNSHIP, Pa. — A National Transportation Safety Board investigator has filled in town officials on additional details of last weekend’s incident collision and derailment involving three Norfolk Southern trains, saying a total of nine railcars derailed in the incident, WFMZ-TV reports. Ruben Payan, who is leading the NTSB team looking at train operations, […]
WASHINGTON — The controlled burn of vinyl chloride following last year’s derailment in East Palestine, Ohio, was unnecessary, National Transportation Safety Board chair Jennifer Homendy told a Senate hearing today — and might have been avoided with better communication. Homendy, testifying at a Committee on Commerce, Science, and Transportation hearing on NTSB investigations, said in […]
ATLANTA — Norfolk Southern and Florida East Coast have announced further expansion of their international and domestic interline service, with logistics, marine, and energy company Crowley using the two railroads’ Florida Express service to move textile products to and from Charlotte, N.C., for garment and apparel manufacturing. “We are focused on providing reliable service and […]
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 […]
