In a Wednesday CNBC’s Jim Cramer, Norfolk Southern CEO Alan Shaw denounced the activist investor currently in a proxy fight with his company’s…
Norfolk Southern CEO Alan Shaw denounced Ancora Holdings, the activist investor currently engaged in a proxy fight with the railroad company's board, during an interview with Jim Cramer on Wednesday.
"We've gone to the activist, and we've offered a settlement — their responses have been unreasonable at the determination of our board," he said. "We've gone to the activist, and we've offered a settlement — their responses have been unreasonable at the determination of our board," he said."Ancora's looking for wholesale change, and our board firmly believes that is, drives, long-term shareholder destruction."to add eight directors to the board and oust Shaw as CEO.
Shaw maintained that the existing board is strong, saying it includes CEOs with"direct trail and transportation experience," as well as a former admiral and rail safety advocates. He added that the board offered Ancora"a couple" of seats, but suggested the investor was not amenable to the offering.According to Shaw, he's kept promises he's made in the wake of the derailment, saying Norfolk Southern's safety has improved over the last year.
"We enhanced safety, we're making it right in East Palestine," Shaw said."We enhanced service, and now we got that platform to really drive productivity in 2024 and really drive long term growth and shareholder value."Connecticut
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