FILE - A Norfolk Southern freight train runs through a crossing on Sept. 14, 2022, in Homestead, Pa. WASHINGTON — Norfolk Southern’s first-quarter earnings report Wednesday gave the railroad the opportunity to publicly defend CEO Alan Shaw’s strategy again before investors decide on May 9 whether to back him.
Ancora's CEO candidate, Jim Barber, was formerly UPS’ chief operating officer and said keeping more workers on hand during slower times is wasteful. Barber and Ancora’s pick to be chief operating officer argue that Norfolk Southern needs to aggressively implement the lean to make the best use of its locomotives and crews and bring its profits in line with the other major freight railroads. That model calls for running fewer, longer trains on a tighter schedule and switching cars less often, so the railroad won’t need as many workers, locomotives and railcars.
Boychuk has experience helping CSX implement Precision Scheduled Railroading after a different investor group pressured that railroad to hire industry legend Hunter Harrison in 2017. That led to all kinds of service problems that year when CSX overhauled its operations quickly in the last few months of Harrison’s life, but since those initial problems CSX has come to be regarded as the industry leader in most respects and routinely outperforms Norfolk Southern in the eastern U.S.
But Boychuk said improving the way individual railyards operate without reworking the entire network will just push the problems out somewhere else along the railroad.Norfolk Southern shares fell more than 3.5% Wednesday to trade around $236 after the report. Ancora predicts shares will reach between $420 and $525 over the next three years if it implements its plan.
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