Norfolk Southern

Longacre Square Partners represents Ancora Holdings Group as the investment advisory wages a proxy fight at Norfolk Southern.

Ancora claims Norfolk Southern CEO Alan Shaw “presided over industry-worst operating results, sustained share price underperformance and an effective and tone-deaf response to the preventable derailment in East Palestine, Ohio.”

It has proposed an eight-member slate of directors for election at the 2024 annual meeting.

That group includes John Kasich, former Ohio governor, Congressman and candidate for the Republican presidential nomination.

Norfolk Southern on March 4 charged Ancora with misrepresenting its safety record and distorting the facts regarding its executive compensation.

It noted a quick response to the March 2 derailment in Lower Saucon Township, PA resulted in neither harm to the community nor release of hazardous materials from its railcars.

The railroad also said it achieved a 42 percent reduction in its mainline accident rate in 2023.

The company claims to have engaged constructively and in good faith with Ancora but believes its proposed changes to the board would undermine the important progress that it has made.

Longacre Square Partners has Greg Marose and Charlotte Kiaie representing Ancora.