Ancora reports three proxy firms advise for Norfolk Southern board change

Ancora, which owns a large equity stake in Norfolk Southern announced that all three independent proxy advisory firms – Institutional Shareholder Services, or ISS, Glass, Lewis and Egan-Jones – have now recommended that Norfolk Southern shareholders vote for boardroom change at the company’s upcoming annual meeting of shareholders on May 9. All three proxy advisory firms also recommend voting against Norfolk Southern’s proposed executive compensation. Frederick DiSanto, chairman and CEO of Ancora, and James Chadwick, president of Ancora Alternatives, commented: “We’re pleased Egan-Jones is recommending shareholders vote on the Blue proxy card for all of our director candidates, including experienced Board member and proven network leader Jim Barber. All three proxy advisory firms now support significant change at Norfolk Southern. If shareholders support a majority change of the Board, they can ensure that operationally proficient management commences a network redesign and properly implements Precision Scheduled Railroading. This three-year strategy, which differs greatly from Norfolk Southern’s resilience railroading model, has driven superior service, safety and long-term value at every other publicly-traded Class I rail. Given the potential for Norfolk Southern needing a new CEO after next month’s federal report on the East Palestine derailment, now is the time to install proven leadership who can execute a tried-and-true strategy that benefits all stakeholders.”