NS, Ancora begin final push for May 9 shareholder vote

With Norfolk Southern Corp.'s annual meeting just days away, NS and Ancora Holdings Group LLC each have appealed to shareholders for their support of the companies’ respective plans in a proxy fight for the future of NS' executive and board leadership.

Since February, NS board and company leaders have been locked in a battle with Ancora — a major NS shareholder — over Ancora’s proposed overhaul of the railroad's board and the ouster of its President and CEO Alan Shaw. Under Ancora’s plan, Shaw would be replaced by former UPS executive Jim Barber, while former CSX executive Jamie Boychuk would become the new chief operating officer.

Shareholders will have the final say on who will run the railroad when they gather May 9 for the annual meeting.

Today, Shaw wrote to NS employees who are shareholders to ensure they vote for the current leadership at the Class I.

"The board and management team have continued to meet with shareholders discussing the strong progress we are making to deliver on our goals and chart 'A Better Way' for the industry," Shaw wrote. "Our strategy for Norfolk Southern is about growing safely and responsibly to create a more productive, efficient railroad. We’ve gained real momentum by being focused, active, and decisive. As a result of your hard work, Norfolk Southern is now an industry leader in safety and has achieved substantial operational gains."

Shaw's entire letter can be read here.

Also today, NS shared news that multiple key customers — including Lincoln Energy Solutions and Centennial Energy — underscored their support for the railroad's strategy under Shaw’s leadership. In addition, NS on May 4 shared a video and transcript of a conversation between Shaw and NS Executive Vice President and COO John Orr when they visited with the company’s team at the 47th Street Intermodal Terminal in Chicago. That can be viewed/read here.

Meanwhile, Ancora on May 3 announced that all three leading independent proxy advisory firms — Institutional Shareholder Services Inc., Glass, Lewis & Co. and Egan-Jones Ratings Co. — recommend shareholders vote for "significant" boardroom change at NS. That statement is available here.