By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
8
Notification Show More
Videos
President Trump delivers remarks on AI
10 hours ago
Videos
Why high earners still feel broke
11 hours ago
News
FFLC: Measured Exposure For Growth With Valuation Discipline (BATS:FFLC)
11 hours ago
Videos
Alphabet earnings beat expectations, Tesla misses on earnings and revenue
1 day ago
Videos
Why Texas Instruments Is Betting $60 Billion On Making Cheap Chips In The U.S.
1 day ago
Videos
Tesla Q2 earnings fall short of what Wall Street was hoping for
2 days ago
Videos
Why Americans love gated communities
2 days ago
News
Allspring Special Small Cap Value Fund Q2 2025 Commentary (ESPAX)
2 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Investing > Norfolk Southern slams activist calling for CEO’s firing following train derailment
Investing

Norfolk Southern slams activist calling for CEO’s firing following train derailment

News Room
Last updated: 2024/03/05 at 7:49 AM
By News Room
Share
3 Min Read
SHARE

Norfolk Southern Corp. has slammed the activist investor calling for the firing of the railroad operator’s CEO after a derailment Saturday in eastern Pennsylvania involving three of the company’s trains.

The National Transportation Safety Board is investigating a collision and derailment involving the company’s trains, the agency said on Saturday. The incident reportedly left train cars derailed along a riverbank in Lower Saucon township, outside of Bethlehem, Pa., although there were no injuries or hazardous-materials concerns, according to Norfolk Southern
NSC,
+0.65%.

“Norfolk Southern crews and contractors remain at the derailment site,” the company said in a statement provided to MarketWatch Monday. “Site cleanup and track work resumed Sunday afternoon after the NTSB released the site back to us. We will continue to fully support the NTSB’s investigation. Norfolk Southern will learn from this incident as we constantly strive to improve safety.”

Related: Norfolk Southern urges shareholders to reject activist investor’s takeover plan

In early 2023, the derailment of a Norfolk Southern train in East Palestine, Ohio, thrust the issue of rail safety into the national spotlight.

On Saturday, Ancora Holdings Group, which owns a large equity stake in Norfolk Southern, called for “the immediate termination” of Alan Shaw, the railroad operator’s CEO, following the most recent derailment. “An incident like this, which is drawing national news coverage and resulting in more embarrassment for the railroad, should put an end to the Board’s unsustainable efforts to save a tainted CEO with no long-term future,” Ancora said in a statement.

Ancora recently launched a takeover bid for Norfolk Southern, which the railroad operator has urged its shareholders to reject.

Related: One year after Norfolk Southern’s East Palestine derailment, rail safety is still in the spotlight

On Monday, Norfolk Southern also hit back at the activist investor’s call to fire Shaw in the wake of the latest derailment. “We believe that a change in leadership at Norfolk Southern would be highly disruptive to our operations, our workers, and the North American supply chain,” the company said in a statement emailed to MarketWatch. “The pursuit of a reckless and short-sighted strategy would upend the execution of our balanced strategy that is providing safe service, enhancing productivity, and driving smart growth.”

The company’s shares rose 1% Monday, outpacing the S&P 500 index’s gain
SPX
of 0.2%.

On Monday, UBS upgraded Norfolk Southern to buy from neutral and also raised its price target to $302 from $238. “We are upgrading NSC to Buy from Neutral because we expect stronger performance in NSC’s merchandise network,” UBS analyst Thomas Wadewitz wrote in a note.

Read the full article here

News Room March 5, 2024 March 5, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
President Trump delivers remarks on AI

Watch full video on YouTube

Why high earners still feel broke

Watch full video on YouTube

FFLC: Measured Exposure For Growth With Valuation Discipline (BATS:FFLC)

This article was written byFollowI am an individual investor. My main focus…

Alphabet earnings beat expectations, Tesla misses on earnings and revenue

Watch full video on YouTube

Why Texas Instruments Is Betting $60 Billion On Making Cheap Chips In The U.S.

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Nursing Home Stocks Could Suffer from this Medicaid Spending Remedy

By News Room
Investing

Bitcoin Drops Below $90,000 Again. What Could Move It Next.

By News Room
Investing

These Stocks Are Moving the Most Today: Marvell, Nvidia, Broadcom, GM, Tesla, MongoDB, Burlington, and More

By News Room
Investing

Nvidia Stock Falls as Marvell Earnings Compound AI Gloom. The Rising Risks for Chips.

By News Room
Investing

This analyst says Tesla deliveries will be 16% below expectations. Musk is part of the problem.

By News Room
Investing

BP CEO was awarded no bonus pay from oil giant’s financial performance

By News Room
Investing

Shares of Starlink’s European competitor have tripled. CEO says it can do the job in Ukraine.

By News Room
Investing

GE Vernova Stock Rises as Analyst Flips to Upgrade After Rating Cut

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?