Investors trying to take control of Norfolk Southern railroad pick up key support
The activist investors trying to take control of Norfolk Southern’s board are picking up key support, but the railroad’s CEO promised Monday to fight the takeover attempt until a May 9 shareholder vote because he believes his strategy is the best in the long run for investors, customers and workers.
Ancora Holdings’ bid to elect seven new directors and replace management at the Atlanta-based railroad has gained the backing of one of the major proxy advisory firms, one of the railroad’s biggest customers and two of its largest labor unions in recent days.
But CEO Alan Shaw said he believes he still has the support of most of the railroad’s workers, investors and customers.
“The choice really couldn’t be any more clear for our shareholders,” Shaw said an interview with The Associated Press. “We make promises and we’ve continued to keep our promises, and we will continue to deliver. And we’ve got a long-term vision for Norfolk Southern where shareholders win, as opposed to the activists who’ve got a short-term and erratic approach where shareholders lose.”
Related articles
Massey, Perez hit homers to lead Royals in 8
KANSAS CITY, Mo. (AP) — Michael Massey and Salvador Perez homered as the Kansas City Royals beat the2024-05-22Belgium launches probe into suspected Russian interference in upcoming EU elections
BRUSSELS (AP) — Belgian Prime Minister Alexander De Croo announced on Friday an investigation into s2024-05-22How O.J. Simpson burned the Ford Bronco into America's collective memory
The Ford Bronco initially was conceived and designed for rugged outdoorsy types, a two-door means of2024-05-22Bangladesh fire: At least 43 dead in Dhaka building blaze
Firefighters work to extinguish a fire in a commercial building that killed at least 43 people in Dh2024-05-22Tagovailoa misses Dolphins' OTA day to attend Saban's charity golf tournament
MIAMI GARDENS, Fla. (AP) — Tua Tagovailoa was not with the Miami Dolphins for Tuesday’s organized te2024-05-22At least 13 people are killed and an estimated 15,000 displaced by flooding in Kenya
NAIROBI, Kenya (AP) — Heavy rains pounding different parts of Kenya have led to the deaths of at lea2024-05-22
atest comment