11:38 AM EDT, 05/03/2024 (MT Newswires) -- Norfolk Southern ( NSC ) shareholder Ancora on Friday disclosed a letter from proposed Norfolk Chief Executive Jim Barber suggesting a plan for about $1.1 billion in annualized savings at the company.

Former UPS Chief Operating Officer Barber is one the seven candidates that the activist shareholder is trying to elect to Norfolk's 13-member board at the annual meeting on Thursday, Ancora said.

Barber said in the letter that, under his proposal, a redesigned Norfolk network would "benefit from a permanent reduction in assets, delays and touch points."

"As assets come out of the network, we will rely on annual attrition (not job cuts or furloughs) to right size our workforce," Barber said. "All of this should ultimately translate to approximately $1.1 billion in annualized savings and an operating ratio in the mid-to-high 50s."

Norfolk didn't immediately respond to a request for comment by MT Newswires.

Norfolk shares were rising 1.1% in recent trading.

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