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 investor’s bid to take over the railroad’s board and replace management. LAYDOWN TO MOVE OVERNIGHT AHEAD OF NORFOLK SOUTHERN’S THURSDAY MORNING ANNUAL MEETING THAT IS SCHEDULED TO BEGIN AT 8:30A.M.
If all seven of Ancora’s nominees are elected, that would give them the votes they need to move forward with their plan to fire the CEO and overhaul the railroad’s operations. If shareholders only support some of their board candidates, then Ancora won’t be able to make sweeping changes right away.’s strategy of keeping more workers on hand during a downturn to be ready to handle the eventual rebound is the best way to run Norfolk Southern and whether he is the best man to lead the railroad.
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.