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.” |
The Masters is at the center of the golf fashion universeHere's a look at moon landing hits and missesHow major US stock indexes fared Friday, 4/12/2024When's the next eclipse after 2024? Watch for these celestial eventsThis simple log structure may be the oldest example of early humans building with woodThailand: $13.7 billion digital money handout plan unveiled'Housekeeping for Beginners' review: Loves wins in this triumphant filmSpaceX's loses mega rocket near end of test flightAncient stone tools found in Ukraine date may be oldest in EuropeDuck! Flying squirrels take to the air in Nebraska city