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.”
Student fatally shot, suspect detained at Georgia's Kennesaw State University
Xi Exchanges Congratulations with Kenyan President over 60th Anniversary of Diplomatic Ties
China to launch new research project on giant panda protection
Messi explains absence in Hong Kong match for third time
College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
China urges U.S. to stop COVID
Italy to cut red tape, speeding up economic recovery amid coronavirus emergency
Chinese home appliance firms expand global market with great vigor
Ben Whishaw lights up the Croisette as he joins his co
World should act as one when it needs China to play a role in creating economic growth