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 & […]
CHICAGO — Freight train operations across the U.S.-Mexican border should be as seamless as they are across the U.S.-Canadian border, Union Pacific CEO Jim Vena told a shipper group last week. Cross-border trains entering the U.S. from Canada use Canadian crews to reach the nearest rail yard — and vice versa. “I never used to […]
DUNKIRK, Md. – The Surface Transportation Board’s reciprocal switching rule for inadequate rail service is a “missed opportunity,” the National Industrial Transportation League says. The final rule, adopted last week, is designed to incentivize Class I railroads to maintain service levels or face the possibility that a sole-served shipper in a terminal area will seek […]
A new run of HO scale Alco RS11 diesel locomotives is now available from Rapido Trains. The model features many newly tooled, railroad-specific details; illuminated number boxes, class lights, and control stand lights; and a new five-pole, skew-wound motor. Prototype history Alco produced the RS11 from February 1956 until May 1961. During that time, it […]
Members of the Teamsters Canada Rail Conference have authorized strikes against Canadian National and Canadian Pacific Kansas City, the union has announced today (May 1). Some 93.3% of train and engine crews at CN returned ballots, with 97.6% voting in favor of a strike. At CPKC, 91.7% of train and engine crews returned ballots, with […]
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 […]
CHICAGO — Surface Transportation Board Chairman Martin J. Oberman has joined the list of speakers scheduled to appear at the North American Rail Shippers Conference, beginning tomorrow, April 30, and running through May 2 in Chicago. Oberman last week announced he would retire from the STB chairmanship on May 10 [see “STB’s Oberman sets May […]
News & Products for the week of April 29th 2024 Model railroad operators and builders can get the latest information about locomotives, freight cars, passenger cars, tools, track, and more by reading Model Railroader’s frequent product updates. The following are the products Model Railroader editors have news on for the week of April 29th […]
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 […]
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% […]
OMAHA Neb. — Union Pacific’s first-quarter profits rose despite flat revenue and lower freight volume. “We are pleased to be able to report earnings growth in a tough environment,” CEO Jim Vena told investors and analysts on the railroad’s earnings call this morning. Operating income rose 3%, to $2.3 billion, on flat revenue of $6 […]
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 […]
