Norfolk Southern shareholders will decide Thursday morning whether to back an activist investor’s bid to take over the railroad’s board and replace management.
FILE - Norfolk Southern locomotives are moved through the Conway Terminal in Conway, Pa., June 17, 2023. Norfolk Southern shareholders will decide Thursday, May 9, 2024, whether to back an activist investors bid to take over the railroads board and replace management. during the campaign from major investors like EdgePoint Investment Group, two major rail unions and some customers. But the rest of rail labor, several key regulators and a number of other customers backed management.
Ancora has projected that it will be able to cut more than $800 million in expenses in the first year and another $275 million by the end of three years. The investors say they don’t plan layoffs, but want to use attrition to eliminate about 1,500 jobs over time.
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Norfolk Southern shareholders to decide Thursday whether to back investors who want to fire the CEONorfolk Southern shareholders will decide Thursday morning whether to back an activist investor’s bid to take over the railroad’s board and replace management. Ancora Holdings picked up significant support during the campaign from major investors like EdgePoint Investment Group, two major rail unions and some customers.
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