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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 […]
ATLANTA — Norfolk Southern, which remains under pressure from an activist investor, today took the unusual step of releasing preliminary first quarter financial results, which included a $600 million proposed settlement of a class action lawsuit related to the East Palestine, Ohio, hazardous materials wreck. Including the impact of the settlement, the railroad’s operating income […]
CLEVELAND – Ancora Holdings’ campaign to oust Norfolk Southern’s management team last week gained the support of New York investment management firm Neuberger Berman, which said it has concerns about the railroad’s operations, strategy, safety, and service. “We believe a change in management and refreshment of the board … are warranted and could stimulate improved […]
ATLANTA – Norfolk Southern has pruned its intermodal network and made the operating ratio a key component of its executive compensation plans, the railroad announced yesterday amid its proxy battle with activist investor Ancora Holdings. NS has eliminated 53 low-volume intermodal lanes — or 15% of its intermodal network — that had limited growth prospects. […]
LITTLE ROCK, Ark. — A vast majority of Norfolk Southern customers believe an activist investor’s plans for the railroad would worsen service and prompt them to shift some of their freight to truck or rival CSX, according to a Stephens, Inc. shipper survey released today. The Arkansas-based investment bank found that 91% of shippers believe […]
ATLANTA — Norfolk Southern today delivered the first coal train diverted from the closed Port of Baltimore to the railroad’s Lambert’s Point coal terminal in Norfolk, Va. The collapse of the Francis Scott Key Bridge following a March 26 strike by a container ship blocked access to the NS-served Consol coal terminal. “At Norfolk Southern, […]
ATLANTA — Norfolk Southern has acquired Great Lakes Reload’s Chicago transload warehouse facility, which handles inbound loads of steel and outbound loads of agricultural and construction equipment. NS said the deal, announced on Tuesday, advances its strategy to convert so-called flexible freight to rail. Flexible freight can move via truck or rail. “Transloading solutions play […]
ATLANTA – Norfolk Southern today urged shareholders to back its board and management team in its proxy battle, saying that the plans touted by activist investor Ancora Holdings amount to a “slash and burn” strategy that would hurt service and safety. Ancora wants to gain control of the NS board and name former UPS executive […]
CLEVELAND — An activist investor group says its proposed Norfolk Southern management team would improve the railroad’s operations, service, and profitability by jettisoning CEO Alan Shaw’s resilience strategy and adopting the low-cost Precision Scheduled Railroading operating model. In a letter to shareholders today, Ancora Holdings says its plan for NS would cut costs, focus on […]
ATLANTA — Norfolk Southern has increased the length of its grain shuttle trains to 105 cars from 85, a move that allows the railroad to handle 23% more grain in each train. “We’re unlocking capacity to handle more business for both our current and prospective customers,” Chief Marketing Officer Ed Elkins said in a statement. […]
