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.”
Ship that caused Baltimore bridge collapse has been refloated
AP Week in Pictures: Latin America and Caribbean
Berkshire Hathaway board feels sure Greg Abel is the man to eventually replace Warren Buffett
Arkansas lawmakers approve $6.3 billion budget bill as session wraps up
California congressman urges closer consultation with tribes on offshore wind
Final cost in for Mets' sorry 2023 season $420 million in payroll plus luxury tax
AP Week in Pictures: Latin America and Caribbean
Chinese industrial robots earn global acclaim
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
White Sox outright reliever Deivi García to Triple
Red Lobster seeks bankruptcy protection after closing some restaurants
Ryan Gosling gushes over partner Eva Mendes and brands her the 'best acting coach'