Meridian Speedway

Glass Lewis Recommends Norfolk Southern’s Shareholders Vote the Blue Proxy Card “For” Six of Ancora’s Director Candidates, Including Proposed CEO Jim Barber

Retrieved on: 
Monday, April 29, 2024
Professional Services, Transport, Logistics, Supply Chain Management, Finance, Banking, Other Transport, Safety, Annual general meeting, NSC, Thought, CPKC, Glass Lewis, CSX, PSR, Injury, Meridian, Glass, UPS, Ford Motor Company, Meridian Speedway, Accident, FRA, Management

In particular, Glass Lewis recommends for the following Ancora nominees: Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, Gilbert Lamphere and Allison Landry.

Key Points: 
  • In particular, Glass Lewis recommends for the following Ancora nominees: Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, Gilbert Lamphere and Allison Landry.
  • Frederick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:
    “We appreciate that Glass Lewis has conducted an extremely thoughtful and thorough analysis of Norfolk Southern, resulting in a recommendation for six of our unaffiliated and qualified director candidates, including proposed CEO Jim Barber.
  • Glass Lewis affirms our view that several tenured insiders, including Chair Amy Miles, Director Claude Mongeau and CEO Alan Shaw, should be immediately replaced due to their apparent responsibility for sustained underperformance.
  • The Company did not put the buyout arrangement to a shareholder vote prior to formally hiring Mr. Orr.

Ancora Sends Important Letter to Fellow Shareholders About Our Collective Opportunity to Transform and Turn Around Norfolk Southern

Retrieved on: 
Monday, April 22, 2024
Finance, Consulting, Rail, Professional Services, Transport, Slate, CP, Norfolk Southern Railway, Risk, PSR, Terminal, EVP, Shareholder, CSX, Kansas City Southern, Susquehanna Bank, Locomotive, TTX, UPS, KCS, Nature, Safety, Publication, NSC, Deutsche Bank, Research, Exercise, EPS, Judgement, Union Pacific Railroad, Government, Federal Railroad Administration, Rail transport by country, CPKC, Senior, Acquisition, Surface Transportation Board, Meridian Speedway, Growth, Management

Norfolk Southern touts a cherrypicked five-year shareholder return metric with start and end dates disconnected from the Board’s relevant decision points.

Key Points: 
  • Norfolk Southern touts a cherrypicked five-year shareholder return metric with start and end dates disconnected from the Board’s relevant decision points.
  • As of December 31, 2023, the gross book value of locomotives at Norfolk Southern was ~19% greater than at CSX.
  • Independent of amortization schedules, CSX saw a substantial reduction in locomotive book value, while Norfolk Southern saw a substantial increase.
  • The aforementioned factors combined should enable a best-in-class fuel efficiency opportunity at Norfolk Southern.

Ancora Issues Letter to Fellow Shareholders Regarding Norfolk Southern’s Failures of Diligence and Poor Judgment in Appointing John Orr as COO

Retrieved on: 
Friday, April 5, 2024
Professional Services, Insurance, Finance, Asset Management, Consulting, Banking, Letter, Exercise, Canadian Pacific Railway, Precision, History, Transport, Disclosure, Surface Transportation Board, KCS, Road, Workplace, Employment, CPKC, Risk, Woman, CSX, Illinois Central Railroad, Safety, CSX Corporation, Depression, Canadian National Railway, EVP, PSR, Meridian Speedway, NSC, Annual general meeting, Weakness, Female, Behavior, Verbal abuse, Security (finance)

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSE: NSC) (“Norfolk Southern” or the “Company”), today issued the below letter to fellow shareholders regarding the Board of Directors’ (the “Board”) apparent failures of diligence and poor judgment in appointing John Orr as COO.

Key Points: 
  • Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSE: NSC) (“Norfolk Southern” or the “Company”), today issued the below letter to fellow shareholders regarding the Board of Directors’ (the “Board”) apparent failures of diligence and poor judgment in appointing John Orr as COO.
  • Ancora is a sizable shareholder of Norfolk Southern, meaning our interests and your interests are squarely aligned.
  • The Board and Mr. Shaw provided CPKC with excessive financial and strategic consideration that weakens Norfolk Southern’s long-term competitive positioning.
  • Norfolk Southern operated from a position of desperation, and shareholders and other stakeholders now stand to pay a steep price.

Ancora Details Serious Governance, Process and Competition-Related Issues Stemming from Norfolk Southern’s Appointment of John Orr as COO

Retrieved on: 
Wednesday, March 20, 2024
Rail, Professional Services, Transport, Finance, Employment, EVP, Canadian Pacific Railway, CPKC, Partnership, CSX, PSR, Meridian Speedway, Norfolk Southern Railway, NSC, Management

This decision was also made after the Board became aware of publicly filed legal actions involving Mr. Orr.

Key Points: 
  • This decision was also made after the Board became aware of publicly filed legal actions involving Mr. Orr.
  • Mr. Orr, who was hastily hired without a broad search and lacks Eastern railroad experience, does not appear to be the best available executive to implement PSR principles and help transform Norfolk Southern’s network.
  • Much to our disappointment, the Board refused to even speak with our proposed COO, Jamie Boychuk, who oversaw best-in-class operating metrics and network efficiencies at CSX.
  • Mr. Orr’s hire does not change our view that the Company continues to have the wrong CEO in Mr. Shaw and the wrong strategy in the form of “resilience” railroading.

Norfolk Southern appoints industry veteran John Orr as chief operating officer

Retrieved on: 
Wednesday, March 20, 2024
Growth, CPKC, Precision, Harvard Business School, History, Acquisition, Advanced Management Program, Transport, University, NS, Meridian Speedway, Safety, University of Waterloo, KCS, Shaw, National Railway, NSC, Engineering, Management

ATLANTA, March 20, 2024 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday the appointment of John Orr as executive vice president and chief operating officer, effective immediately. Throughout his four-decade career, Orr has earned a reputation as a proven leader in applying scheduled railroading principles to drive sustainable long-term value creation. He spearheaded the turnaround of Canadian Pacific Kansas City's (CPKC) Mexico operations by successfully implementing a high-efficiency operating model, shaped and guided the execution of Kansas City Southern's (KCS) service-focused scheduled railroading initiatives, and drove significant improvements in Canadian National Railway's (CN) safety and operational performance.

Key Points: 
  • ATLANTA, March 20, 2024 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday the appointment of John Orr as executive vice president and chief operating officer, effective immediately.
  • He will report directly to Norfolk Southern president and chief executive officer Alan H. Shaw.
  • In connection with Orr's appointment, current chief operating officer Paul Duncan departed the company to pursue other opportunities.
  • Alan Shaw, Norfolk Southern president and chief executive officer, said, "John is a deeply respected and accomplished leader, and is the right chief operating officer to ensure execution of our strategy of balancing safe service, productivity, and growth.

CPKC announces departure of Executive Vice President and Chief Transformation Officer

Retrieved on: 
Wednesday, March 20, 2024
MNBR, Concession, Climate change, Crime, Organization, Tax, Growth, Risk, Canadian Pacific Railway, Earthquake, CPKC, Meridian and Bigbee Railroad, AB, Perception, Terrorism, News, Acquisition, Transport, Public expenditure, Management, Drought, Insurance, Carbon, Flood, Pleasure, TSX, Data collection, Investment, Meridian Speedway, The, CP, Public opinion, S.A, Norfolk Southern Railway, KCS, Analysis, Result, Conversation, Violence, Weather

CALGARY, AB, March 20, 2024 /PRNewswire/ - Today, Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) announced the departure of John Orr, Executive Vice President and Chief Transformation Officer.

Key Points: 
  • CALGARY, AB, March 20, 2024 /PRNewswire/ - Today, Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) announced the departure of John Orr, Executive Vice President and Chief Transformation Officer.
  • "On behalf of the Board of Directors and the CPKC family I would like to thank John for his contributions and impactful leadership," said CPKC President and Chief Executive Officer Keith Creel.
  • Mr. Orr was appointed Executive Vice President and Chief Transformation Officer of CPKC on April 14, 2023.
  • Prior to this role, he served as Executive Vice President Operations for Kansas City Southern from 2021 through 2023.

Power Systems West Sponsors Boise Legend's Racer

Retrieved on: 
Wednesday, March 23, 2022
Meridian Speedway, Multimedia, Leon, 2014–15 World Series Sprintcars season, IBM Power Systems, Rachel (given name), View, Sports Car International, Rocky Mountains, Kohler, Legends car racing, NASCAR, PSW, Blood, History, Amusement arcade, Legend, Legend (disambiguation)

BOISE, Idaho, March 23, 2022 /PRNewswire/ --Power Systems West likes to back a winner.

Key Points: 
  • BOISE, Idaho, March 23, 2022 /PRNewswire/ --Power Systems West likes to back a winner.
  • Power Systems West with Kohler will be along for the ride as official sponsors of Leon's car.
  • Rachelle is a Service Coordinator for the service department in Power Systems West's Boise office where she manages major commercial backup generator accounts.
  • "We're excited about sponsoring Leon and his Legends car," says Brad Lyons, Power Systems West President.