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.”
College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
Death toll rises in Taiwan's strongest earthquake in 25 years
Pope skips Good Friday procession 'to preserve his health'
Chris Hipkins says sick children shouldn't be at school
The unstoppable duo of Emma Stone and Yorgos Lanthimos
Few voters globally worried about climate change
Yemen's Houthis say they targeted Western ships
Teenagers named as victims of Nelson off
Student fatally shot, suspect detained at Georgia's Kennesaw State University
Flood, weather warnings as storm hits Australia
Georgia Republicans choose Amy Kremer, organizer of pro
How to make sure your leftovers are safe to eat