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Investor group Ancora Holdings has stepped up its drive to oust Norfolk Southern Railway’s (NS) leadership.
Less than a month after taking a $1bn stake in the Class I rail carrier, Ancora has proposed eight candidates for the NS board from its own ranks to replace CEO Alan Shaw and others.
Ancora claimed its own leadership could drive up the NS share price by about 65%, to $420.
The group revealed its challenge to the ...
Comment on this article
Ken Chester
February 21, 2024 at 3:24 pmIt’s always dangerous when those from the financial class attempt to flex their influence over the day to day operations of a sprawling and unique enterprise such as Norfolk Southern. If they are serious about improving safety and operating efficiencies across the system, they are going to need much more than a change at the top. Sounds like a money grab to me, which suggests deferred maintenance, deferred training and deferred Capex, all of which trades short term financial gains for a worse operating performance . Remember, their primary goal seems to be focused on increasing the NS stock price by double digits. As they say, that is no way to run a railroad! Maybe start with a roster of seasoned (proven) railroad professionals?