Ancora Holdings Group LLC has nominated eight candidates to stand for election to the Norfolk Southern Board of Directors at the company’s 2024 Annual Meeting of Shareholders, saying the company “has suffered for years due to its Board’s poor decisions with regard to the Company’s leadership, safety priorities and strategy.”
“Since the Board announced its appointment of Alan Shaw as Chief Executive Officer, Norfolk Southern’s status as the worst Class I railroad has been solidified by leadership delivering industry-worst operating results, sustained share price underperformance and a tone-deaf response to the devastating East Palestine, Ohio derailment,” Ancora Holdings Group said in a statement. “The future looks equally bleak under Mr. Shaw, who has drawn the condemnation of policymakers and the skepticism of underwhelmed analysts and shareholders.”
The group nominated for the board:
- Betsy Atkins, a three-time CEO with experience in capital allocation, transformations and strategic planning
- Jim Barber Jr., a shipping and logistics industry veteran with experience in finance, strategic planning and risk management at one of the country’s largest railroad customers
- William Clyburn Jr., a former railroad regulator with 30 years of experience in all three branches of the U.S. government
- Nelda Connors, a former automotive industry executive with operations, engineering, risk management, human resources and financial expertise
- Sameh Fahmy, a former Class I railroad and transportation industry executive with safety, supply management, engineering and mechanical experience
- John Kasich, a former Ohio governor and congressman with regulatory, legislative and executive policy experience
- Gilbert Lamphere, a railroad and transportation industry veteran credited as the original financier of precision scheduled railroading, the strategy that revolutionized how freight railroads are run in the U.S. and Canada
- Allison Landry, a former U.S. transportation and logistics sector equity research analyst with expertise in corporate governance and compensation practices
In addition, the Investor Group announced it has identified a proposed management team that includes Barber as chief executive officer and lifelong railroad operator and turnaround expert Jamie Boychuk as chief operating officer.
“As we consider all opportunities to enhance shareholder value, the perspectives of our shareholders are important to us,” Norfolk Southern said in a statement. “Since receiving Ancora’s nominations, members of both the board and management team have held multiple discussions with representatives of Ancora to better understand their views and communicate Norfolk Southern’s perspectives on the execution of our strategy. At Ancora’s request, and in accordance with the board’s normal process, members of the Governance and Nominating Committee and the board carefully evaluated and interviewed all of Ancora’s nominees.”
