Norfolk Southern urges shareholders to reject activist investor's takeover plan at the railroad

Norfolk Southern wants its shareholders to back its current management team and strategy and reject a bid from a group of investors to take over the railroad. Norfolk Southern urged shareholders Monday to reject Ancora Holdings eight board nominees when it filed its proxy statement. The railroad also nominated two new board members of its own — a former Amtrak CEO and a former U.S. Senator — to offer fresh perspective without derailing its current plan. Ancora argues that Norfolk Southern hasn’t done nearly enough to improve its efficiency because its profits and operations continue to lag behind the other major freight railroads. So Ancora wants to hire former UPS executive Jim Barber and former CSX chief operating officer Jamie Boychuk to run the the railroad.