Latest news with #AncoraHoldings
Reuters
4 hours ago
- Business
- Reuters
Norfolk Southern board elects Richard Anderson as chair
June 12 (Reuters) - Railroad operator Norfolk Southern (NSC.N), opens new tab said on Thursday it had elected former Delta Air Lines CEO Richard Anderson as the independent chair of the board effective immediately. Anderson will additionally serve as chair of the Executive Committee and Strategy & Planning Committee, the company said. The aviation veteran's appointment comes after Claude Mongeau resigned from the U.S. railway operator's board as chairman earlier this month, citing personal reasons. In May last year, activist hedge fund Ancora Holdings won backing from Norfolk Southern shareholders for board representation, resulting in Anderson's appointment to the company's board.
Yahoo
03-06-2025
- Business
- Yahoo
Norfolk Southern board chair Mongeau resigns
Claude Mongeau, the former Canadian National Railway chief executive, has resigned as chair of the Norfolk Southern board of directors, the company announced Tuesday. The resignation is for personal reasons, the railroad said. The board will elect a new chair at its next scheduled meeting later this month. 'We are deeply grateful for Claude's leadership over the past six years,' Norfolk Southern Chief Executive Mark George said in a release. 'He has put outsized time and effort into his service as the company navigated several challenges, ultimately stepping up as chair last year to successfully integrate our new board. He leaves Norfolk Southern (NYSE: NSC) a much stronger railroad than it was when he joined us.' Mongeau joined the board as an independent director in 2019. He was elected as chairman in May 2024 during a reshuffling of the board that saw five new members join, including three nominated by activist investor Ancora Holdings during its proxy fight for control of the railroad. He was CN CEO from 2010 to 2016, capping 22 years at the railroad that also saw him serve as chief financial officer and vice president, strategic and financial planning. 'I am proud of the way the current board has come together to work collaboratively and constructively alongside the management team,' Mongeau said. 'It has been an honor to serve with them. I have every confidence the company is back on the right trajectory and has what it needs for continued success.' Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your inbox. Find more articles by Stuart Chirls stands up shortline rail team Regulator concerns pause Watco's Michigan shortline rail deal Union Pacific battery-electric hybrid locomotive completes testing Baun joins railcar builder Greenbrier as chief commercial officer The post Norfolk Southern board chair Mongeau resigns appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Claude Mongeau resigns as chair of Norfolk Southern, citing personal reasons
U.S. railroad operator Norfolk Southern said chairman Claude Mongeau resigned from the company's board on Tuesday, citing personal reasons. Mongeau had been an independent director on Norfolk's board since 2019, and was appointed chairman in May last year. He had previously served as president and chief executive for Canadian National Railway from 2010 to 2016. The board will elect a new chair at its next meeting later this month, the company said. Mongeau is currently also a director at Canadian oil and gas firm Cenovus Energy. Norfolk had agreed to add an independent member to its board last year, settling a long-drawn battle with activist investor Ancora Holdings over the company's governance.
San Francisco Chronicle
23-04-2025
- Business
- San Francisco Chronicle
Norfolk Southern's East Palestine insurance payments continue to lift profits in first quarter
Norfolk Southern's quarterly profits were again inflated by insurance payments related to its disastrous 2023 derailment in eastern Ohio, but even without that, the railroad's profits still grew. The Atlanta-based railroad reported a major rebound in its results Wednesday with $750 million profit, or $3.31 per share, in the first quarter. Last year, the first quarter results of $53 million, or 23 cents per share, were held down by the $600 million class action settlement the railroad agreed to pay residents near the East Palestine derailment. Since last year's second quarter, Norfolk Southern has been consistently collecting more in insurance payments than it was spending on the derailment cleanup and response, so it's bottom line has received a boost each of the last several quarters. In the first quarter, the railroad received $141 million in insurance payments. Without that, it would have earned $609 million, or $2.69 per share, compared to $2.49 per share last year. Wall Street analysts focus on ongoing operations, which strips out the insurance windfall, and by that measure the railroad beat the average estimate reported by FactSet Research by 3 cents per share. Norfolk Southern CEO Mark George said the railroad overcame disruptive winter weather during the first three months of the year to improve service and efficiency. The railroad also delivered about 1% more shipments in the quarter. 'Our service performance is increasing our customers' confidence in Norfolk Southern and allowing us to gain share,' George said in a statement. The Atlanta-based railroad is one of the biggest in the nation with tracks throughout the Eastern United States. A year ago, Norfolk Southern was also in the midst of a fight with an outside investor that wanted to fire management and overhaul the railroad's operations. That investor, Ancora Holdings, won three board seats, and Norfolk Southern later changed CEOs after the board learned that former CEO Alan Shaw had an inappropriate relationship with a subordinate.
Associated Press
23-04-2025
- Business
- Associated Press
Norfolk Southern's East Palestine insurance payments continue to lift profits in first quarter
Norfolk Southern's quarterly profits were again inflated by insurance payments related to its disastrous 2023 derailment in eastern Ohio, but even without that, the railroad's profits still grew. The Atlanta-based railroad reported a major rebound in its results Wednesday with $750 million profit, or $3.31 per share, in the first quarter. Last year, the first quarter results of $53 million, or 23 cents per share, were held down by the $600 million class action settlement the railroad agreed to pay residents near the East Palestine derailment. Since last year's second quarter, Norfolk Southern has been consistently collecting more in insurance payments than it was spending on the derailment cleanup and response, so it's bottom line has received a boost each of the last several quarters. In the first quarter, the railroad received $141 million in insurance payments. Without that, it would have earned $609 million, or $2.69 per share, compared to $2.49 per share last year. Wall Street analysts focus on ongoing operations, which strips out the insurance windfall, and by that measure the railroad beat the average estimate reported by FactSet Research by 3 cents per share. Norfolk Southern CEO Mark George said the railroad overcame disruptive winter weather during the first three months of the year to improve service and efficiency. The railroad also delivered about 1% more shipments in the quarter. 'Our service performance is increasing our customers' confidence in Norfolk Southern and allowing us to gain share,' George said in a statement. The Atlanta-based railroad is one of the biggest in the nation with tracks throughout the Eastern United States. A year ago, Norfolk Southern was also in the midst of a fight with an outside investor that wanted to fire management and overhaul the railroad's operations. That investor, Ancora Holdings, won three board seats, and Norfolk Southern later changed CEOs after the board learned that former CEO Alan Shaw had an inappropriate relationship with a subordinate.
