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.”
Yu Darvish extends scoreless innings streak to 25 in Padres' 9
Polar Research and Climate Change exhibition held in Hong Kong
In new movie, the South started the Korean War, as Pyongyang has always claimed — Radio Free Asia
TV series spotlights young love for older woman
What a blast to work at NASA. Space agency is sky
China launches new remote sensing satellite
China initiates program to boost employment among college graduates
Chinese scientists precisely monitor solar radiation on Earth's surface
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
Tibetan incense brings wealth to town of SW China's Xizang
Six killed in a 'foiled coup' in Congo, the army says
Tibetan incense brings wealth to town of SW China's Xizang