Investor Group Announces Slate of Highly Qualified, Independent Director Candidates and Proposed Management Team for Norfolk Southern Corporation
Introduces Eight-Member Slate with Deep Experience in Governance, Finance, Legislative and Regulatory Affairs, Strategic Transformations, Transportation and the Railroad Sector
Proposes
Introduces “Network of the Future” Strategy Offering Path to Significant Value Creation
Releases Presentation Entitled “The Case for Leadership, Safety and Strategy Changes at
“Norfolk Southern, which has exceptional rail workers and the country’s best customers, has suffered for years due to its Board’s poor decisions with regard to the Company’s leadership, safety priorities and strategy. Since the Board announced its appointment of
In recent months, we engaged in good faith and shared a data-centric, facts-based case for meaningful change with Norfolk Southern’s Board. We privately conveyed, on several occasions, that Mr. Shaw’s strategy is equal parts unambitious and impractical (despite somehow having the unanimous backing of the Board). Moreover, we privately showed that Mr. Shaw’s background as a 30-year insider with a poor record of driving growth through marketing roles renders him unfit to get a second chance as Chief Executive Officer. We even met with
The bottom line is that it is time to actually move
INVESTOR
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CEO and Founder of
Baja Corporation , a venture capital firm focused on software, technology, energy and digital transformation.
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Member of the boards of directors of
(NYSE: SLG),SL Green Realty (Nasdaq: SEDG),SolarEdge Technologies (Nasdaq: ENVX),Enovix Corporation (Nasdaq: WYNN),Wynn Resorts (Nasdaq: RXT) and GoPuff.Rackspace Technology
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Former CEO and Chair of SaaS Company Clear Standards, an energy management and sustainability software company, CEO and Chair of NCI, a functional food/nutraceutical company, and CEO of
Key Supercomputer Labs , which delivers technology-driven seismic analytics and sustainability insights.
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Previously served on the board of directors of companies that include
Covetrus , Schneider Electric,HD Supply andVolvo Car Corporation .
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Previously spent 35 years at
(NYSE:United Parcel Service , Inc.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.
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Member of the boards of directors of
C.H. Robinson Worldwide, Inc. (Nasdaq: CHRW), where he serves on the Audit Committee, andU.S. Foods Holding Corp. (NYSE: USFD), where he serves on theCompensation and Human Capital Committee .
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Audit Committee Financial Expert, as defined by the
U.S. Securities and Exchange Commission .
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Principal at
Clyburn Consulting , which advises transportation and telecommunications companies on governmental issues and processes.
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Previously facilitated constructive dialogue and remediation efforts between
Norfolk Southern and community stakeholders following theJanuary 2005 derailment inSouth Carolina .
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Previously spent 30 years working in
Washington, D.C. , including as the Commissioner and Vice-Chairman of theU.S. Surface Transportation Board and a senior advisor to twoU.S. Senators.
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Previously worked as a law clerk for the Honorable
Rodney A. Peeples ,Circuit Court Judge for the Second and Ninth Circuits ofSouth Carolina .
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CEO and Founder of
Pine Grove Holdings , a privately held investment company.
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Serves on the boards of directors of
Baker Hughes (Nasdaq: BKSR), (Nasdaq: ZBRA) andZebra Technologies (NYSE: OTIS), and as an advisor toOtis Worldwide Nissan North America andVibracoustic .
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Previously spent 25 years working in the automotive industry, including as President and CEO of
(NYSE: ATKR), which spun out fromAtkore InternationalTyco International , and in executive roles at (NYSE: ETN),Eaton Corporation Ford Motor Company (NYSE: F) andStellantis North America (formerly,Chrysler Corporation ).
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Previously served as a Class B director of the
Federal Reserve Bank of Chicago .
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Former EVP of precision scheduled railroading at
Kansas City Southern , where he led the implementation of KCS’ precision scheduled railroading methodology, Optimization Consultant at (Nasdaq: CSX), where he helped improve CSX’s mechanical and engineering departments, and SVP at Canadian National Railway (NYSE: CN), 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.CSX Corporation
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Previously worked at the
Association of American Railroads and Amtrak .
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Previously served on the board of directors at
Rumo Railway (BVMF: RAIL3), where he chaired the Operations Committee.
- Chartered Professional Accountant.
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Former Governor of
Ohio , where he significantly improved the state’s business climate, reducing needless red tape and regulations, streamlining operations, creating a private economic development entity and overseeing cumulative surpluses of nearly$3 billion .
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Previously spent 18 years as a congressman, during which time he served as Chair of the
House Budget Committee , a member of the Balanced Budget Committee and a member of theHouse Armed Services Committee . Former Republican candidate for the presidential nomination in 2000 and 2016.
- Former Managing Director in Lehman Brothers’ investment banking division, where he helped companies secure the financial resources they needed to succeed and create jobs.
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Previously served on the boards of directors of Worthington Industries,
Invacare and Instinet.
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Chairman of
MidRail Corporation and Co-Founder ofMidSouth Rail Corporation .
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Previously served on the boards of directors of Canadian National Railway (NYSE: CN), where he was Chair of the
Finance Committee , andCSX Corporation (Nasdaq: CSX), where he was a member of the Operations Committee.
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Former Chairman of Illinois Central Railway, director of
Florida East Coast Railway and director of Patriot Rail.
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Previously headed four operationally focused private equity firms and worked in the M&A division at
Morgan Stanley (NYSE: MS).
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Previously spent 16 years as the
Lead Equity Research Analyst at Credit Suisse for theU.S. transportation sector, covering Class I railroads, trucking, parcel/air freight and logistics companies.
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Member of the board of directors of XPO (NYSE: XPO), where she is Chair of the
Nominating, Corporate Governance and Sustainability Committee and a member of theCompensation Committee andOperational Excellence Committee .
- Member of the advisory board of Windrose Technology, which specializes in developing zero-emission heavy duty electric trucks.
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Former Senior Accountant at
OneBeacon Insurance Company .
PROPOSED MANAGEMENT TEAM BIOS
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Previously served as the COO of
UPS , one of the country’s largest railroad customers and a$125 billion market value parcel carrier with a global network that generates more than$90 billion in sales annually.
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During his 35-year career at
UPS ,Mr. Barber held key leadership positions in UPS’ Domestic and International business units, as well as inSupply Chain Solutions .
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Mr. Barber is credited with leading much ofUPS' growth, including in both mature and emerging international markets.
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Has reached scores of effective labor agreements through constructive negotiations, while overseeing lauded safety initiatives in both the Ground network and the
UPS airline.
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Current member of the board of directors of
C.H. Robinson Worldwide, Inc. (Nasdaq: CHRW), a major logistics company, where he serves on the Audit Committee.
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Current member of the board of directors of
U.S. Foods Holding Corp. (NYSE: USFD), a major food distributor, where he serves on theCompensation and Human Capital Committee .
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If elected, our slate intends to make every effort to expeditiously appoint
Mr. Barber as CEO.
- Previously served as Executive Vice President of Operations at 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.
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Mr. Boychuk , who worked directly with industry legendHunter Harrison , also helped CSX amass a strong safety record and reduce burdens on rail workers.
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Upon his departure from CSX in 2023, the company publicly thanked
Mr. Boychuk for “his role in the implementation of scheduled railroading.”
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Previously,
Mr. Boychuk spent nearly two decades at Canadian National Railway, where he held operations roles of increasing responsibility and seniority.
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If elected, our slate intends to make every effort to appoint
Mr. Boychuk as COO as expeditiously as possible.
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About Ancora
Founded in 2003,
Advisors
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The participants in the proxy solicitation are currently anticipated to be
Ancora Alternatives, as the general partner and investment manager of each of the Ancora Funds, may be deemed to beneficially own in the aggregate 913,180 shares of the Corporation’s common stock,
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