ATLANTA - Norfolk Southern Corporation (NYSE: NYSE:NSC) has filed its definitive proxy materials with the Securities and Exchange Commission, the company announced Wednesday. The materials are in preparation for its 2024 Annual Meeting of Shareholders, scheduled for May 9, 2024. Shareholders on record as of March 4, 2024, are eligible to vote at the upcoming meeting.
In a letter to shareholders, CEO Alan Shaw emphasized the company's commitment to safety and reliable service, particularly following the East Palestine incident. Shaw, who became CEO in 2022, has led a strategy aimed at closing the performance gap with industry peers, which includes a projected 400 basis point improvement in the operating ratio for the second half of 2024.
The company has also appointed John Orr as COO to further its strategic execution. Orr is noted for his expertise in Precision Scheduled Railroading and his successful tenure at railroads such as Canadian National and CPKC.
Norfolk Southern's board has been refreshed with new members possessing diverse expertise to ensure effective oversight. The board's recent nominations include Richard Anderson, former CEO of Delta and Amtrak, and Mary Kathryn "Heidi" Heitkamp, a former U.S. Senator and rail safety advocate.
The letter addressed concerns regarding Ancora Alternatives LLC's attempt to gain control of Norfolk Southern. The board considers Ancora's strategy risky, potentially impeding progress and destroying long-term value. Ancora's proposed CEO and COO candidates are criticized for lacking railroad experience and having questionable track records, respectively.
The board urges shareholders to vote using the WHITE proxy card for Norfolk Southern's 13 nominees and to discard any Blue proxy cards received from Ancora. The company has launched VoteNorfolkSouthern.com to provide additional information for shareholders.
Norfolk Southern, a staple in the American economy since 1827, operates a customer-centric and operations-driven freight transportation network. It plays a significant role in sustainability, helping customers avoid substantial carbon emissions by shipping via rail.
The information in this article is based on a press release statement.
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