◆ Contrarian Corpus
Campaigns / Ancora → Norfolk Southern Corporation
Ancora vs. Norfolk Southern Corporation

Norfolk Southern Corporation · NSC

4 decks published between 2024-02-05 and 2024-04-27 — 31 pages, 31 analysed slides total.

initial thesis proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2024-02-05 initial thesis

    2024 02 Ancora Letter Regarding Norfolk Southern 2.5.24

    2pp · letter

    Norfolk Southern's safety and operating failures — epitomized by the preventable East Palestine derailment — require replacing CEO Alan Shaw and reconstituting the Board with independent nominees.

    N 3 V 2 C 1
    ⚑
  2. 2024-03-26 proxy fight

    Ancora NSC Shareholder Letter _1

    14pp · letter

    Norfolk Southern is the worst-performing Class I railroad under CEO Alan Shaw's failed 'resilience railroading'; elect Ancora's slate to install Jim Barber as CEO, adopt true PSR, and unlock ~60% upside.

    N 4 V 3 C 3
    ⌂ ” ⚑
  3. 2024-04-22 proxy fight

    Ancora_s Letter to Fellow Shareholders About Our Collective Opportunity to Transform and Turn Around Norfolk Southern

    14pp · letter

    Norfolk Southern is the only Class I rail without PSR; electing Ancora's seven nominees replaces Alan Shaw with Barber and Boychuk to redesign the network and reach $420/share.

    N 4 V 3 C 3
    ” ⇌ ⚑
  4. 2024-04-27 proxy fight

    2024 04 Cleveland Cliffs Supports Ancora 2024.04.27

    1pp · letter

    Cleveland-Cliffs CEO publicly endorses Ancora's Norfolk Southern proxy fight, citing Cliffs' own 2014 board-overhaul win as proof that disciplined activism creates durable value.