Ancora Holdings

Norfolk Southern poised for opportunistic growth in 2025

On Wednesday, Eastern Class I railroad Norfolk Southern (NYSE: NSC) reported a solid operating beat for the fourth quarter of 2024, surpassing Wall Street expectations for earnings even on revenue that was slightly down. 

The company has gotten leaner under EVP and COO John Orr’s operational leadership, reducing overtime by 20% in the second half of 2024, accelerating its trains and cutting down on terminal dwell.

A renewed focus on asset utilization saw NS put 500 locomotives into storage over...

https://www.freightwaves.com/news/norfolk-southern-poised-for-opportunistic-growth-in-2025

Norfolk Southern to add new board member as part of deal with Ancora Holdings

This story originally appeared on Trains.com.

ATLANTA — Norfolk Southern will add a new member to its board of directors — the 14th overall and 13th independent director — under a “cooperation agreement” with shareholder Ancora Holdings, NS announced Thursday.

NS and Ancora will work together to identify the new board member, who is expected to add to the board’s gender diversity and executive leadership experience, NS said.

“We are making meaningful progress on key operational metrics, as...

https://www.freightwaves.com/news/norfolk-southern-to-add-new-board-member-as-part-of-deal-with-ancora-holdings

Ancora didn’t oust Norfolk Southern’s Shaw at first but ultimately succeeded

In the end, Ancora got its man. 

In a stunning turn of events that could not have been foreseen when Alan Shaw, then the CEO of Norfolk Southern (NYSE: NSC), swatted away a proxy battle by Ancora Holdings in May to have him removed from his job, Shaw is now gone anyway.

He was felled soon after the launch of an investigation of a personal relationship with the company’s chief legal officer, Nabanita C. Nag. 

And according to an explosive piece in The Wall Street Journal, it was Ancora that spurred...

https://www.freightwaves.com/news/ancora-didnt-oust-norfolk-southerns-shaw-at-first-but-ultimately-succeeded

Norfolk Southern management fends off board takeover by Ancora

Norfolk Southern’s management has prevailed in its battle to retain control of the Class 1 railroad, with activist shareholder Ancora Holdings winning only three seats on the board of directors Thursday.

The results of the shareholder vote announced at the company’s annual meeting did cost board chair Amy Miles her position, as she was not reelected. But CEO Alan Shaw was returned to his seat on the Norfolk Southern (NYSE: NSC) board, and of the seven Ancora nominees, only three were elected.

Give...

https://www.freightwaves.com/news/norfolk-southern-management-fends-off-board-takeover-by-ancora

Proxy adviser on Norfolk Southern: Overhaul board but keep CEO Shaw

Norfolk Southern’s management has taken a second hit this week from an independent proxy advisory firm as the Class 1 railroad fends off activist investor Ancora Holdings, but the latest report, while mostly critical of NS, recommends that CEO Alan Shaw keep his job.

Whereas proxy adviser Glass Lewis recommended that shareholders not vote in favor of Shaw to remain as a Norfolk Southern (NYSE: NSC) director — in essence, a vote to oust him because the CEO would be expected to also serve as...

https://www.freightwaves.com/news/proxy-adviser-on-norfolk-southern-overhaul-board-but-keep-ceo-shaw

Norfolk Southern defends makeup of its board, mum on possible CEO change

Norfolk Southern Corp. on Wednesday defended the composition of its board of directors and did not address the fate of CEO Alan Shaw, who is the subject of an activist group’s efforts to remove him and replace him with Jim Barber, a former top UPS Inc. executive.

In a lengthy letter to shareholders, the Atlanta-based Eastern railroad (NYSE: NSC) said that it has maintained an “ongoing process” of board refreshment, noting that six directors have been appointed to the board over the past five...

https://www.freightwaves.com/news/norfolk-southern-defends-makeup-of-its-board-mum-on-possible-ceo-change

Can Forward Air be turned around? — Great Quarter, Guys

Great Quarter Guys 11/17

Forward Air was the victim of a massive cyberattack at the end of 2020 that hurt its fourth-quarter results. Now Ancora Advisors is moving to get its four candidates on the Forward board. On this episode of Great Quarter, Guys, Andrew Cox and Seth Holm discuss what this means for the asset-light trucking and logistics company going forward. 

First in “you care or nah?” they break down today’s hot topics. Consumer sentiment has slipped in recent weeks and Holm was surprised by this. Cox says he...

https://www.freightwaves.com/news/can-forward-air-be-turned-around-great-quarter-guys