Norfolk Southern and activist investor Ancora have reached a settlement to avoid a proxy fight, expanding the board from 13 to 14 members. Ancora withdrew its nominations for four candidates after the ousting of former CEO Alan Shaw due to an inappropriate workplace relationship. The company is now seeking an independent director to join the board as part of a renewed focus on operational leadership.
For the first time in over six decades, Class 1 freight railroads are diverging in their union negotiation strategies, with Union Pacific opting for localized talks while CSX, Norfolk Southern, and BNSF pursue national agreements. BNSF has ratified agreements covering 53% of its union workforce, while Norfolk Southern has reached tentative agreements with 10 of its 13 unions, ensuring wage increases and improved benefits. The shift in negotiation tactics reflects a focus on service and efficiency amid ongoing labor discussions.
Norfolk Southern Corp.'s new CEO, Mark George, is prioritizing operational efficiency following the departure of his predecessor amid a workplace scandal. He aims to restore productivity and address the imbalances that have affected the railroad's performance.
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