financetom
Business
financetom
/
Business
/
Glass Lewis backs six of Ancora's nominees for Norfolk Southern board
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Glass Lewis backs six of Ancora's nominees for Norfolk Southern board
Apr 29, 2024 5:37 AM

April 29 (Reuters) - Proxy adviser Glass Lewis

recommended Norfolk Southern ( NSC ) shareholders vote for six

of Ancora Holdings' nominees for board seats at the railroad

company, including proposed CEO Jim Barber, in a big win for the

activist investor.

In a report dated April 28, Glass Lewis backed six out of

Ancora's seven nominees and said Ancora had presented a

compelling case for a management overhaul at Norfolk, adding the

company has been "consistently worse than its peers for an

extended period".

Glass Lewis' backing comes days ahead of Norfolk's May 9

annual general meeting, where shareholders will vote on

proposals including board composition and management pay.

Ancora, which has said it owns a large equity stake in

Norfolk, on Monday noted Glass Lewis' recommendation and

analysis. Norfolk did not immediately respond to a request for

comment.

The investor is seeking to replace Norfolk CEO Alan Shaw

with Barber, a former United Parcel Service executive.

Glass Lewis said Barber had "compelling credentials" and

recommended shareholders withhold support from Shaw.

Norfolk has rejected all of Ancora's nominees saying they

would not bring fresh skills or experience, but proposed plans

in February to add two new directors to its board to fend off

mounting pressure from Ancora.

A group of investors led by Ancora started pushing for major

changes at Norfolk earlier this year.

U.S. steelmaker Cleveland-Cliffs ( CLF ), a Norfolk Southern ( NSC )

customer, is also backing Ancora, Bloomberg News reported on

Sunday.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved