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.”
Who is Jacob Zuma, the former South African president disqualified from next week's election?
Belarus launches nuclear drills a day after Russia announces them, with Ukraine in mind
Mobile home explodes in Minnesota, killing 2 people, sheriff's office says
Penske suspends Cindric, 3 others ahead of the Indianapolis 500
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Kylie Jenner and longtime pal Rosalia arrive back at the Mark Hotel in NYC hand
Boy Scouts of America changes name after 114 years to 'boost inclusion'
What's next for Iran after death of its president in crash?
Too much water, and not enough: Brazil's flooded south struggles to find basic goods
Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
Stars quickly go from tight series over reigning Cup champ to big