Jim Barber sends letter to Norfolk Southern shareholders ahead of meeting

Ancora Holdings, which owns a large equity stake in Norfolk Southern Corporation issued a letter from James Barber, Jr., who is one the seven unaffiliated and qualified candidates the firm is seeking to elect to the Company’s 13-member Board of Directors at the Annual Meeting of Shareholders on May 9, 2024. The letter read, in part, “I appreciate that many of you are evaluating what my colleagues and I have said in recent weeks about moving Norfolk Southern forward. Both sides have obviously sent you a lot of information to consider and digest before votes are cast at the Annual Meeting. Rather than ask you to read another long letter, I’m writing to you to share just a few personal thoughts on why I want to be part of the railroad’s turnaround and what I plan to deliver for you and the other constituents. When Ancora approached me in 2023 about serving as a proposed director and its suggested CEO, I spent a lot of time independently analyzing Norfolk Southern and considering whether my skills could speed up a turnaround. I am blessed to be able to be selective at this point in my life, and I don’t have any unfulfilled goals in my career after 35 great years at UPS. This enabled me to take my time assessing Norfolk Southern’s challenges and opportunities from the perspective of each of the Company’s key constituents: shareholders, customers, employees, regulators and the communities that trains run through each day. After thinking everything through and reflecting on the transferability of my experiences, I knew I could help move this great brand in the right direction – whether that be as a director, CEO or both. In terms of what our slate wants to deliver, it starts with a culture of accountability, integrity, safety, sustainability and teamwork – all of which underpin highly-efficient and service-oriented logistics companies. These priorities are core to our three-year strategy for initiating a network redesign and implementing true Precision Scheduled Railroading…When we first hit the road in this campaign, it was clear some of the Company’s constituencies would need to be convinced about what our slate brings to the table. After all, it’s not enough to diagnose problems and speak in broad terms about solutions. On a personal level, one of the most rewarding parts of this contest has been earning the belief of the BLET Teamsters and BMWED Teamsters. As a former Teamster, I’m incredibly grateful for the opportunity to earn their support. My goal is to bring this same spirit of constructive thinking and teamwork to Norfolk Southern and its boardroom. Thank you again for your consideration and time, and we will reward you and all the constituents for a vote of confidence in us. We look forward to delivering the best results possible for you.”