Norfolk Southern Faces Proxy Fight from Activist Investor #
A wealthy advisory firm, Ancora Advisors, has announced its intention to lead a proxy fight against Norfolk Southern, a major US railway company. Ancora, whose assets under management total $9 billion, plans to replace a majority of Norfolk Southern’s board and install a new CEO. Norfolk Southern has been underperforming its peers in the railroad industry, and Ancora believes that implementing a precision scheduled railroading (PSR) strategy, as successfully done by other companies in the sector, will lead to improved profitability. Ancora’s plan includes nominating a majority slate of directors, including former politicians and railroad executives, and potentially engaging in a proxy fight if settlement discussions fail.