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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. […]
ATLANTA — Norfolk Southern today named Canadian Pacific Kansas City executive John Orr as its chief operating officer in a bid to thwart an activist investor group led by Ancora Holdings. CEO Alan Shaw said Orr is committed to providing customers with a high level of service as part of the railroad’s resiliency-based growth plan. […]
ATLANTA — Amid a proxy fight with an activist investor, Norfolk Southern on Wednesday will name Canadian Pacific Kansas City executive John Orr as its chief operating officer, Trains News Wire has learned. Orr brings a Precision Scheduled Railroading operations background — which is prized on Wall Street — to Norfolk Southern as the company […]
ATLANTA — Norfolk Southern has named Betsy Talton-Buck as vice president and chief communications officer, and Angie Kolar as vice president and chief compliance officer. The appointments, announced Friday, March 15, are effective on Tuesday, April 9. Both positions report to Nabanita Nag, executive vice president, corporate affairs and chief legal officer. Talton-Buck was previously […]
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 […]
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 […]
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 […]
Associations representing railroad shippers say they’re concerned about Ancora Holdings’ proxy battle at Norfolk Southern, fearing that the activist investors will put an emphasis on boosting short-term profits at the expense of service. “Seems as if NS is making strides on improving service which, to a certain degree, means abandoning some of the Precision Scheduled […]
ATLANTA — Norfolk Southern CEO Alan Shaw, who has been a punching bag for the activist investors who are trying to oust him, defended the railroad’s growth strategy at a shipper conference today. “I am fighting. I am fighting for what’s right and I am fighting for the industry,” Shaw told the Southeast Association of […]
NEW YORK — Norfolk Southern and RapidSOS, which provides secure data information to first responders, have unveiled a rail safety system to increase availability of critical information at significant incidents. The collaborative effort announced today will be free to public safety agencies across the U.S. It will provide access to cargo and hazardous material information, […]
The proxy battle that activist investor Ancora Holdings is waging against Norfolk Southern isn’t just about the direction NS should take and who should run the company. It’s a fight for the future of the railroad industry. The Cleveland-based activist investor seems to be taking the position that railroads shouldn’t grow. They argue that intermodal, […]
