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3/26/2024
Editor's note: This story has been updated with a statement from Norfolk Southern Corp.
Ancora Holdings Group LLC, the activist investor seeking to replace the majority of Norfolk Southern Corp.'s board as well as President and CEO Alan Shaw, today outlined what it describes as its three-year path to achieve "superior performance and significant value creation" at the Class I.
In a letter to shareholders, Ancora officials detail their proposed leadership team's strategy and targets for a precision scheduled railroading-powered network, which includes reaching a 57% operating ratio (OR).
In addition, Ancora announced that it is filing a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with its nomination of seven candidates for election to the NS board at the 2024 annual meeting of shareholders scheduled for May 9.
Meanwhile, NS today issued a statement reiterating the qualifications of its current board members, noting that they have expertise in rail transportation, operations, finance, regulatory and government relations, safety, sustainability, cybersecurity and other relevant skills needed for effective and independent oversight. Ancora is seeking to replace current board members with "inferior nominees" who would remove management in order to implement "Ancora's ill-conceived and reckless strategy," the statement says.
To read the full NS statement, click here.