Norfolk Southern CEO Alan Shaw denounced Ancora Holdings, the activist investor currently engaged in a proxy fight with the railroad company's board, during an interview with CNBC's Jim Cramer on Wednesday.
"We've gone to the activist, and we've offered a settlement — their responses have been unreasonable at the determination of our board," he said.
Norfolk Southern faced criticism over the past year after one of its freight trains derailed in East Palestine, Ohio in February 2023 and released toxic chemicals into the soil, water and air.
Based in Cleveland, Ohio, 90 minutes from East Palestine, Ancora challenged Norfolk Southern in February, aiming to add eight directors to the board and oust Shaw as CEO.
"We enhanced safety, we're making it right in East Palestine," Shaw said.
Persons:
Alan Shaw, Ancora, CNBC's Jim Cramer, We've, we've, Shaw, he's
Organizations:
Norfolk Southern, Ancora Holdings, Norfolk, Regulators
Locations:
East Palestine , Ohio, Cleveland , Ohio, East Palestine, Norfolk