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.”
What's next for Iran after death of its president in crash?
China's foreign trade rebounds amid stronger economic recovery momentum
Verona confirms Serie A status for another year after beating Salernitana
Dow drops over 700 points to end below 30,000
In pics: Olympic Village for Tokyo 2020 Olympic Games
Tianjin welcomes tourists from 30 foreign countries on maiden cruise trip
Devout Christian doctor, 68, who punched dementia
G7 seeks cooperation on evacuation, refugees amid chaos in Kabul
Siblings trying to make US water polo teams for Paris Olympics
Chinese collage offers spring break, encourages outings, love