financetom
Business
financetom
/
Business
/
US labor union backs Norfolk in proxy battle with Ancora
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US labor union backs Norfolk in proxy battle with Ancora
Apr 16, 2024 3:18 PM

(Reuters) - A top federation of U.S. labor unions has urged Norfolk Southern ( NSC ) shareholders to vote against Ancora's director candidates, arguing the hedge fund's plans for the railroad would compromise safety and improvements being considered.

"Ancora's proposed strategy for Norfolk Southern ( NSC ) is "not fit for purpose" and the election of Ancora's proposed directors will derail the safety and service improvements that are currently underway at Norfolk Southern ( NSC )," the American Federation of Labor and Congress of Industrial Organizations said in a letter.

Ancora, in February, proposed the replacement of Norfolk Southern's ( NSC ) top management, including its CEO, and nominated eight directors to the railroad operator's board in response to the company's negligence leading to a 2023 train derailment in East Palestine, Ohio.

Norfolk Southern ( NSC ) has offered to add two new directors to its board and rejected all eight of Ancora's candidates, saying none would bring fresh skills or experience.

"We believe that a change in leadership at Norfolk Southern ( NSC ) would be highly disruptive to our operations, our workers, and the North American supply chain," a Norfolk Southern ( NSC ) spokesman said in an emailed statement on Tuesday.

Meanwhile, Ancora criticized the move and said it did not expect much impact as "major institutional shareholders continue to support us."

Shareholders are scheduled to vote on the proposals at the annual meeting on May 9.

(Reporting by Aatreyee Dasgupta in Bengaluru and Svea Herbst-Bayliss in New York; Editing by Sriraj Kalluvila)

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 >
Vital Farms Insider Sold Shares Worth $502,500, According to a Recent SEC Filing
Vital Farms Insider Sold Shares Worth $502,500, According to a Recent SEC Filing
Mar 11, 2024
04:22 PM EDT, 03/11/2024 (MT Newswires) -- Russell Diez-Canseco, Director, President & CEO, on March 07, 2024, sold 25,000 shares in Vital Farms ( VITL ) for $502,500. Following the Form 4 filing with the SEC, Diez-Canseco has control over a total of 223,568 shares of the company, with 223,568 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1579733/000141588924007501/xslF345X03/form4-03112024_040301.xml Price: 21.5, Change: +0.51,...
Franklin Resources Reports Higher Assets Under Management in February
Franklin Resources Reports Higher Assets Under Management in February
Mar 11, 2024
04:23 PM EDT, 03/11/2024 (MT Newswires) -- Franklin Resources ( BEN ) reported Monday preliminary assets under management of $1.622 trillion at the end of February, up from $1.602 trillion in January. The increase reflected the impact of positive markets and long-term net inflows, the company said. The gains were partially offset by a redemption of $2 billion by a...
Essential Properties Realty Trust Launches Share Offering
Essential Properties Realty Trust Launches Share Offering
Mar 11, 2024
04:23 PM EDT, 03/11/2024 (MT Newswires) -- Essential Properties Realty Trust ( EPRT ) said late Monday it has launched an underwritten public offering of 8 million shares. BofA Securities, Wells Fargo Securities, Truist Securities and Mizuho are joint book-running managers for the offering, the company said. It expects to enter into forward sale agreements with the underwriters. The underwriters...
Oracle posts rise in quarterly profit on strong cloud demand
Oracle posts rise in quarterly profit on strong cloud demand
Mar 11, 2024
March 11 (Reuters) - Oracle posted a rise in quarterly profit on Monday, as demand rose for its cloud-computing services on the back of a boom in generative AI. Shares of Oracle jumped 5.9% to $120.82 in extended trading. The 46-year-old database giant has been trying to reinvent itself as a cloud-computing provider by offering services cheaper than those of...
Copyright 2023-2026 - www.financetom.com All Rights Reserved