CLEVELAND — An activist investor group says its proposed Norfolk Southern management team would improve the railroad’s operations, service, and profitability by jettisoning CEO Alan Shaw’s resilience strategy and adopting the low-cost Precision Scheduled Railroading operating model. In a letter to shareholders today, Ancora Holdings says its plan for NS would cut costs, focus on […]
BALTIMORE — The tragic collapse of the Francis Scott Key Bridge today (March 26) after a ship strike has cut off the Port of Baltimore’s busiest terminals from Chesapeake Bay and the Atlantic Ocean beyond. At least six people remain unaccounted for after the container ship Dali struck the bridge about 1:28 a.m. today, CNN […]
ATLANTA — Norfolk Southern has increased the length of its grain shuttle trains to 105 cars from 85, a move that allows the railroad to handle 23% more grain in each train. “We’re unlocking capacity to handle more business for both our current and prospective customers,” Chief Marketing Officer Ed Elkins said in a statement. […]
Norfolk Southern’s decision to hire a chief operating officer with Precision Scheduled Railroading expertise increases the likelihood that the embattled railroad will reach a settlement with activist investor Ancora Holdings, Wall Street analysts say. NS on Wednesday announced that Canadian Pacific Kansas City executive John Orr would become its chief operating officer, effective immediately. Orr […]
ATLANTA — Norfolk Southern has issued a letter and launched a website with information urging the shareholders to vote for the railroad’s slate of board nominees in the proxy fight with a group of activist investors, and set May 9 as the date for its annual shareholders meeting that will determine the outcome of that […]
ATLANTA — Norfolk Southern today named Canadian Pacific Kansas City executive John Orr as its chief operating officer in a bid to thwart an activist investor group led by Ancora Holdings. CEO Alan Shaw said Orr is committed to providing customers with a high level of service as part of the railroad’s resiliency-based growth plan. […]
ATLANTA — Amid a proxy fight with an activist investor, Norfolk Southern on Wednesday will name Canadian Pacific Kansas City executive John Orr as its chief operating officer, Trains News Wire has learned. Orr brings a Precision Scheduled Railroading operations background — which is prized on Wall Street — to Norfolk Southern as the company […]
CINCINNATI — The city of Cincinnati’s sale of the Cincinnati Southern Railway to Norfolk Southern has been completed. Paul Muething, president of the Cincinnati Southern board of trustees, said in a statement available on the railway website that the board received the $1.6 billion payment from NS, plus $20 million in deferred transaction fees, on […]
WASHINGTON — Parties in the settlement intended to lead to the start of Gulf Coast passenger service said in a status report to the Surface Transportation Board that negotiations between Amtrak and the city of Mobile for a lease of downtown city land “are continuing to move forward.” The report filed Friday by Amtrak, Norfolk […]
ATLANTA — Norfolk Southern has named Betsy Talton-Buck as vice president and chief communications officer, and Angie Kolar as vice president and chief compliance officer. The appointments, announced Friday, March 15, are effective on Tuesday, April 9. Both positions report to Nabanita Nag, executive vice president, corporate affairs and chief legal officer. Talton-Buck was previously […]
WASHINGTON — Ancora Holdings, which is leading an activist investor group that’s fighting a proxy battle to oust Norfolk Southern’s management, has responded to Surface Transportation Board Chairman Martin J. Oberman’s request for a meeting about its plans for the railroad. “We suggest a discussion with yourself and the continuing Board Members once we have […]
ALBANY, N.Y. — New York will fund some $111.1 million for 38 rail and port infrastructure improvement projects — the largest amount ever awarded under the state’s Passenger and Freight Rail Assistance Program — Gov. Kathy Hochul announced Tuesday. The projects address safety and resilience, support efforts to move freight traffic from truck to rail, […]
