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 announced that its proposed CEO and director
candidate Jim Barber, proposed COO Jamie Boychuk and director
candidate Sameh Fahmy will be participating in a fireside chat with
Deutsche Bank’s Transportation and Shipping markets analyst Amit
Mehrotra on Monday, April 15 from 10:00 AM to 11:00 AM Eastern
Standard Time.
To join in the upcoming virtual discussion, contact your
Deutsche Bank representative or Mr. Mehrotra directly at
amit.mehrotra@db.com. For information on how to vote for Ancora’s
slate of seven highly qualified director candidates on the BLUE
Proxy Card, visit www.MoveNSCForward.com.
***
Jim Barber, Jr. (Proposed CEO, Director
Candidate)
Mr. Barber is a shipping and logistics industry veteran with
experience in finance, strategic planning and risk management at
one of the country’s largest railroad customers.
- Previously spent 35 years at United Parcel Service, Inc. (NYSE:
UPS), most recently serving as COO and President from 2018 to
2020.
- Previously held leadership roles in UPS’ domestic and
international business units as well as in supply chain solutions,
including both Global Freight Forwarding and Coyote Logistics.
- Member of the boards of directors of C.H. Robinson Worldwide,
Inc. (Nasdaq: CHRW), where he serves on the Audit Committee, and
U.S. Foods Holding Corp. (NYSE: USFD), where he serves on the
Compensation and Human Capital Committee.
- Audit Committee Financial Expert, as defined by the U.S.
Securities and Exchange Commission.
Jamie Boychuk (Proposed
COO)
Mr. Boychuk is a lifelong railroader with the safety record
and scheduled railroading acumen needed to help turn around Norfolk
Southern.
- Previously served as Executive Vice President of Operations at
CSX Corporation (Nasdaq: CSX), where he led a variety of
operational initiatives during a period in which the railroad
improved performance across all operating metrics and unlocked
significant value for shareholders.
- Mr. Boychuk, who worked directly with industry legend Hunter
Harrison, also helped CSX amass a strong safety record and reduce
burdens on rail workers.
- Upon his departure from CSX in 2023, the company publicly
thanked Mr. Boychuk for “his role in the implementation of
scheduled railroading.”
- Previously, Mr. Boychuk spent nearly two decades at Canadian
National Railway (NYSE: CN), where he held operations roles of
increasing responsibility and seniority.
Sameh Fahmy (Director
Candidate)
Mr. Fahmy is a former Class I railroad and transportation
industry executive with safety, supply management, financial,
engineering and mechanical experience.
- Former EVP of precision scheduled railroading at Kansas City
Southern, where he led the implementation of KCS’ precision
scheduled railroading methodology, Optimization Consultant at CSX,
where he helped improve CSX’s mechanical and engineering
departments, and SVP at Canadian National Railway, where he oversaw
the mechanical and engineering functions, improving their safety
record, reducing expenses and train delays, increasing freight car
and locomotive availability and leading a four-year fuel efficiency
drive.
- Previously worked at the Association of American Railroads and
Amtrak.
- Previously served on the board of directors at Rumo Railway
(BVMF: RAIL3), where he chaired the Operations Committee.
- Chartered Professional Accountant.
***
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated
investment advisory, wealth management, retirement plan services
and insurance solutions to individuals and institutions across the
United States. The firm is a long-term supporter of union labor and
has a history of working with union groups and public pension plans
to deliver long-term value. Ancora’s comprehensive service offering
is complemented by a dedicated team that has the breadth of
expertise and operational structure of a global institution, with
the responsiveness and flexibility of a boutique firm. For more
information about Ancora, please visit https://ancora.net.
Advisors
Cadwalader, Wickersham & Taft LLP is serving as legal
advisor, with Longacre Square Partners LLC serving as
communications and strategy advisor and D.F. King & Co., Inc.
serving as proxy solicitor.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
The information herein contains “forward-looking statements.”
Specific forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
include, without limitation, words such as “may,” “will,”
“expects,” “intends,” “believes,” “anticipates,” “plans,”
“estimates,” “projects,” “potential,” “targets,” “forecasts,”
“seeks,” “could,” “should” or the negative of such terms or other
variations on such terms or comparable terminology. Similarly,
statements that describe our objectives, plans or goals are
forward-looking. Forward-looking statements relate to future events
or future performance and involve known and unknown risks,
uncertainties, and other factors that may cause actual results,
levels of activity, performance or achievements or those of the
industry to be materially different from those expressed or implied
by any forward-looking statements. Norfolk Southern Corporation, a
Virginia corporation (“Norfolk Southern”), has also identified
additional risks relating to its business in its public filings
with the Securities and Exchange Commission (the “SEC”). Ancora
Alternatives LLC (“Ancora Alternatives”), and as applicable the
other participants in the proxy solicitation, have based these
forward-looking statements on current expectations, assumptions,
estimates, beliefs, and projections. While Ancora Alternatives and
the other participants, as applicable, believe these expectations,
assumptions, estimates, and projections are reasonable, such
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which involve factors
or circumstances that are beyond the participants’ control. There
can be no assurance that any idea or assumption herein is, or will
be proven, correct. If one or more of the risks or uncertainties
materialize, or if the underlying assumptions of Ancora
Alternatives or any of the other participants described herein
prove to be incorrect, the actual results may vary materially from
outcomes indicated by these statements. Accordingly,
forward-looking statements should not be regarded as a
representation by Ancora Alternatives that the future plans,
estimates or expectations contemplated will ever be achieved. You
should not rely upon forward-looking statements as a prediction of
actual results and actual results may vary materially from what is
expressed in or indicated by the forward-looking statements. Except
to the extent required by applicable law, neither Ancora
Alternatives nor any participant will undertake and specifically
declines any obligation to disclose the results of any revisions
that may be made to any projected results or forward-looking
statements herein to reflect events or circumstances after the date
of such projected results or statements or to reflect the
occurrence of anticipated or unanticipated events.
Certain statements and information included herein have been
sourced from third parties. Ancora Alternatives does not make any
representations regarding the accuracy, completeness or timeliness
of such third party statements or information. Except as may be
expressly set forth herein, permission to cite such statements or
information has neither been sought nor obtained from such third
parties. Any such statements or information should not be viewed as
an indication of support from such third parties for the views
expressed herein.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The participants in the proxy solicitation are Ancora Catalyst
Institutional, LP (“Ancora Catalyst Institutional”), Ancora Merlin
Institutional, LP, (“Ancora Merlin Institutional”), Ancora Merlin,
LP (“Ancora Merlin”), Ancora Catalyst, LP (“Ancora Catalyst”),
Ancora Bellator Fund, LP (“Ancora Bellator”), Ancora Impact Fund LP
Series AA (“Ancora Impact AA”) and Ancora Impact Fund LP Series BB
(“Ancora Impact BB”) (each of which is a series fund within Ancora
Impact Fund LP) (Ancora Catalyst Institutional, Ancora Merlin
Institutional, Ancora Merlin, Ancora Catalyst, Ancora Bellator,
Ancora Impact AA and Ancora Impact BB, collectively, the “Ancora
Funds”), Ancora Advisors, LLC (“Ancora Advisors”), The Ancora Group
LLC (“Ancora Group”), Ancora Family Wealth Advisors, LLC (“Ancora
Family Wealth”), Inverness Holdings LLC (“Inverness Holdings”),
Ancora Alternatives, Ancora Holdings Group, LLC (“Ancora Holdings”)
and Frederick DiSanto (collectively, the “Ancora Parties”); and
Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy,
John Kasich, Gilbert Lamphere and Allison Landry (the “Ancora
Nominees” and, collectively with the Ancora Parties, the
“Participants”).
Ancora Alternatives and the other Participants have filed a
definitive proxy statement and accompanying BLUE proxy card (the
“Definitive Proxy Statement”) with the SEC on March 26, 2024 to be
used to solicit proxies for, among other matters, the election of
its slate of director nominees at the 2024 annual meeting of
shareholders of Norfolk Southern.
IMPORTANT INFORMATION AND WHERE TO FIND IT
ANCORA ALTERNATIVES STRONGLY ADVISES ALL SHAREHOLDERS OF NORFOLK
SOUTHERN TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR
SUPPLEMENTS TO SUCH DEFINITIVE PROXY STATEMENT, AND OTHER PROXY
MATERIALS FILED BY ANCORA ALTERNATIVES AS THEY CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE
SEC’S WEBSITE AT WWW.SEC.GOV AND AT ANCORA ALTERNATIVE’S WEBSITE AT
WWW.MOVENSCFORWARD.COM. THE DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE
COMPANY’S SHAREHOLDERS. SHAREHOLDERS MAY ALSO DIRECT A REQUEST TO
THE PARTICIPANTS’ PROXY SOLICITOR, D.F. KING & CO., INC., 48
WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005 (SHAREHOLDERS CAN
CALL TOLL-FREE: +1 (866) 227-7300).
Information about the Participants and a description of their
direct or indirect interests by security holdings or otherwise can
be found in the Definitive Proxy Statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240412217022/en/
Longacre Square Partners Charlotte Kiaie / Joe Germani,
646-386-0091 MoveNSCForward@longacresquare.com
D.F. King & Co., Inc. Edward McCarthy 212-229-2634
MoveNSCForward@dfking.com
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