Ancora Holdings, an Ohio-based investor group, has launched a takeover bid for US Class I railway company Norfolk Southern. Ancora recently acquired a stake in Norfolk Southern worth over €924 million (US$1 billion) and is now proposing eight new independent directors to appoint a new CEO and COO as soon as possible. The Group is recommending former United Parcel Service (UPS) COO James Barber as the new CEO and Jamie Boychuk, who was Executive Vice President of Operations at Class I operator CSX until 4th August 2023, as COO. Ancora criticises Norfolk Southern's current leadership and its handling of the East Palestine train crash on 3rd February 2023 as symptomatic of a failed strategy and lack of accountability. Norfolk Southern says it will review Ancora's proposed nominees and make a formal recommendation in the final proxy statement.
