Energy and Bulk customers share their strong
support of CEO Alan Shaw and
management team
Express concerns that Ancora's plan would
hinder and interrupt service for their businesses
ATLANTA, May 6, 2024
/PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) Monday
shared recent support from multiple key customers, including
Lincoln Energy Solutions and Centennial Energy, which underscore
that the company's balanced strategy under the decisive leadership
of CEO Alan Shaw is taking hold and
delivering a safer, more efficient railroad:1
- Lincoln Energy Solutions CEO Larry
Burgamy, Jr. stated: "As a growing partner,
investor and shipper, Lincoln
emphatically supports without question Alan
Shaw, the Norfolk Southern management team and its
strategies. Recent activist statements are disturbing and hold no
merit to a disruptive suggestion of management change."
- Centennial Energy President, Elise
Maskell, stated: "Centennial Energy wants to reiterate
our full support of Alan Shaw and
the entire management team at Norfolk Southern. Your balanced
strategy is what not only Centennial needs, but what all rail
customers, shareholders and the US economy needs…Norfolk Southern
needs to stay the course and have time to execute on your long-term
vision to produce balanced results which will drive the company and
their customers forward."
- Associated Asphalt Partners Director of Sales and Logistics,
Daniel Moran, stated: "We at
Associated Asphalt are in support of [Alan], your current
management at Norfolk Southern and your strategy."
- Smart Sand CEO and founder, Charles
Young, stated: "Smart Sand is 100% behind the NS
management team…we feel the NS management team has been excellent
in building a sustainable large volume sand business to the
Northeast and are looking forward to growing together in the
future."
These reactions from multiple key customers underscore a recent
rail shipper survey conducted by Wall Street research firm Stephens
Inc., which found customers overwhelmingly support Norfolk
Southern's strategy and are concerned about the negative effects of
Ancora's plan. Customer quotes from the survey
include:2
- "We have seen solid improvement with NS service over the past
two years, for both carload and intermodal. After reviewing the
plan by the activist, I am convinced it is a short-term attempt to
squeeze cash out of the NS network."
- "NS has been doing a really nice job of balancing cost and
service. If the activist moves forward, it will be bad for everyone
except for a few profiteers."
- "Short term cost cutting by the activists will result in a
lower level of service."
The strong support from customers reinforces that Norfolk
Southern has the right team, the right strategy, and the right
approach to safety and service, all of which is overseen by the
right board of directors. Norfolk Southern's board has been an
agent of change and has guided transformational initiatives that
are improving safety and operational performance. With positive
momentum, Norfolk Southern is executing at full force to drive
productivity across its network, close the margin gap with its
peers, and deliver sustainable value to shareholders.
In contrast, Ancora's demands for a wholesale overhaul of
management and the board would impede this momentum, unnecessarily
put Norfolk Southern and its stakeholders at risk, and ultimately
destroy long-term value.
Your Vote is Important
Norfolk Southern believes all of its 13 nominees are uniquely
qualified to oversee the company's strategy, drive long-term
shareholder value, and hold management accountable. Norfolk
Southern strongly urges shareholders to protect their investment
from Ancora's outdated, destructive agenda by VOTING the WHITE
proxy card FOR ONLY Norfolk Southern's 13 nominees TODAY.
Please simply DISCARD any Blue proxy card you may receive from
Ancora. If you inadvertently voted using a Blue proxy card, you may
cancel that vote simply by voting again TODAY using the company's
WHITE proxy card. Only your latest-dated vote will count!
To learn more, visit VoteNorfolkSouthern.com.
If you have any
questions or require any assistance with respect to voting your
shares,
please contact our proxy solicitor:
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INNISFREE M&A
INCORPORATED Shareholders may call:
1 (877) 750-9496 (toll-free from the U.S. and Canada)
+1 (412) 232-3651 (from other countries)
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About Norfolk Southern
Since 1827, Norfolk
Southern Corporation (NYSE: NSC) and its predecessor
companies have safely moved the goods and materials that drive
the U.S. economy. Today, it operates a
customer-centric and operations-driven freight transportation
network. Committed to furthering sustainability, Norfolk Southern
helps its customers avoid approximately 15 million tons of yearly
carbon emissions by shipping via rail. Its dedicated team members
deliver more than 7 million carloads annually, from agriculture to
consumer goods, and Norfolk Southern originates more automotive
traffic than any other Class I Railroad. Norfolk Southern also has
the most extensive intermodal network in the
eastern U.S. It serves a majority of the country's
population and manufacturing base, with connections to every major
container port on the Atlantic coast as well as major ports in the
Gulf of Mexico and Great Lakes.
Learn more by visiting
www.NorfolkSouthern.com.
Important Additional Information
The Company has filed a definitive proxy statement (the "2024
Proxy Statement") on Schedule 14A and a WHITE proxy card with the
Securities and Exchange Commission (the "SEC") in connection with
the solicitation of proxies for its 2024 Annual Meeting of
Shareholders (the "2024 Annual Meeting"). SHAREHOLDERS ARE STRONGLY
ADVISED TO READ THE COMPANY'S 2024 PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO), THE WHITE PROXY CARD AND ANY
OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may
obtain a free copy of the 2024 Proxy Statement, any amendments or
supplements to the 2024 Proxy Statement and other documents that
the Company files with the SEC from the SEC's website at
www.sec.gov or the Company's website at
https://norfolksouthern.investorroom.com as soon as reasonably
practicable after such materials are electronically filed with, or
furnished to, the SEC.
Certain Information Concerning Participants
The Company, its directors and certain of its executive officers
and employees may be deemed participants in the solicitation of
proxies from shareholders in connection with the matters to be
considered at the 2024 Annual Meeting. Information regarding the
direct and indirect interests, by security holdings or otherwise,
of the persons who may, under the rules of the SEC, be considered
participants in the solicitation of shareholders in connection with
the 2024 Annual Meeting is included in Norfolk Southern's 2024
Proxy Statement, filed with the SEC on March
20, 2024. To the extent holdings by our directors and
executive officers of Norfolk Southern securities reported in the
2024 Proxy Statement for the 2024 Annual Meeting have changed, such
changes have been or will be reflected on Statements of Change of
Ownership on Forms 3, 4 or 5 filed with the SEC. These documents
are available free of charge as described above.
Cautionary Statement on Forward-Looking Statements
Certain statements in this communication are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, as amended.
These statements relate to future events or our future financial
performance, including statements relating to our ability to
execute on our strategic plan and our 2024 Annual Meeting and
involve known and unknown risks, uncertainties, and other factors
that may cause our actual results, levels of activity, performance,
or our achievements or those of our industry to be materially
different from those expressed or implied by any forward-looking
statements. In some cases, forward-looking statements may be
identified by the use of words like "may," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," "estimate," "project," "consider," "predict,"
"potential," "feel," or other comparable terminology. The Company
has based these forward-looking statements on its current
expectations, assumptions, estimates, beliefs, and projections.
While the Company believes 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 Company's control. These and other important
factors, including those discussed under "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2023, as well as the Company's
subsequent filings with the SEC, may cause actual results,
performance, or achievements to differ materially from those
expressed or implied by these forward-looking statements. The
forward-looking statements herein are made only as of the date they
were first issued, and unless otherwise required by applicable
securities laws, the Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
1
Permission to use quotations was neither sought nor obtained.
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2
Permission to use quotations was neither sought nor obtained.
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SOURCE Norfolk Southern Corporation