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18 mentions found


☆ What the proxy fight at Norfolk Southern means for railroad safety
  + stars: | 2024-05-08 | by ( Chris Isidore | ) edition.cnn.com   time to read: +10 min
The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees. Norfolk Southern CEO Alan Shaw, third from left, listens to testimony during a hearing held by the Senate Commerce, Science, and Transportation Committee on March 22, 2023 in Washington, DC. The committee heard testimony on "Improving Rail Safety in response to the East Palestine Derailment." BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. On February 3rd, a Norfolk Southern Railways train carrying toxic chemicals derailed causing an environmental disaster.
Persons: Alan Shaw, Amit Bose, Win McNamee, Bose, ”, “, Jeremy Ferguson, Shaw, “ Shaw, Jerry Sturdivant, John Orr, BLET, Michael Swensen, Jim Barber, Glass Lewis, Ancora Organizations: New, New York CNN, Norfolk, Norfolk Southern, Ancora Holdings, PSR, Federal Railroad Administration, Senate Commerce, Science, Transportation, Shaw, SMART, of Locomotive Engineers, Trainmen, NS, Canadian Pacific, Canadian Pacific Kansas City, Way Employees, Norfolk Southern Railways, Teamsters, UPS, CSX, Union Pacific Locations: New York, Norfolk Southern, Atlanta, East Palestine , Ohio, Norfolk, East Palestine, Washington ,, Canadian Pacific Kansas, Palestine, ”, NS
☆ Norfolk Southern CEO says activist investor's responses to settlement are 'unreasonable'
  + stars: | 2024-03-27 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
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
☆ Cramer gets a closer look at the railroads with Norfolk Southern CEO Alan Shaw
  + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Cramer gets a closer look at the railroads with Norfolk Southern CEO Alan Shaw'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings, the company's push for higher efficiency, and more.
Persons: Cramer, Alan Shaw, Jim Cramer Organizations: Norfolk Southern, Ancora Holdings
☆ Norfolk Southern CEO: We have offered board seats to activist investor
  + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern CEO: We have offered board seats to activist investor'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings.
Persons: Jim Cramer, Alan Shaw Organizations: Norfolk Southern, Ancora Holdings
☆ Norfolk Southern CEO received 37% raise following derailment
  + stars: | 2024-02-26 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN —Norfolk Southern CEO Alan Shaw received a 37% increase in compensation last year, even after the company’s railroad was involved in a financially and ecologically disastrous derailment in East Palestine, Ohio. Shaw received $13.4 million in total compensation in 2023, up from $9.8 million in 2022. His base salary rose $200,000 to $1.1 million, and his stock and option awards rose $2.2 million to $10 million. Shares of Norfolk Southern (NSC) fell 22% in the two months following the accident, but the stock has since recovered most of its value, and its current share price is slightly above its pre-derailment level. The opposition investor group said the company’s new slate of board members won’t stop it from pushing its slate of eight candidates.
Persons: Alan Shaw, Shaw, Shaw’s, “, Jim Barber Jr, Richard H, Anderson, Mary Kathryn “ Heidi ” Heitkamp, “ Mr, ” Organizations: New, New York CNN, Norfolk, Norfolk Southern, of Locomotive Engineers, Ancora Holdings, CNN, UPS, Amtrak, Delta Air Lines Locations: New York, Norfolk Southern, East Palestine , Ohio, Ohio, East Palestine, Norfolk, ” Norfolk Southern, North Dakota
☆ Stocks making the biggest moves premarket: Qualcomm, Merck, General Motors and more
  + stars: | 2024-02-01 | by ( Pia Singh | ) www.cnbc.com   time to read: +4 min
The stock is trading at a low multiple compared to spending, the firm highlighted as a key catalyst for investors. Nextracker — Shares of the solar technology company jumped 17% on bullish analyst notes following its strong quarterly results and guidance increase. Wolfspeed guided for fiscal third-quarter revenue of $185 million to $215 million, below the $224 million, LSEG estimate. Robinson reported 50 cents per share in adjusted earnings, while analysts expected 81 cents per share, per LSEG. The company reported $9.44 billion in revenue, while analysts surveyed by LSEG were looking for $9.70 billion.
Persons: Christopher Danely, Morgan Stanley, Nextracker, Wolfspeed, TD Cowen, ChargePoint, C.H, Robinson, Merck, company's, —, Alex Harring, Lisa Kailai Han, Tanaya Macheel, Jesse Pound, Michelle Fox Theobald Organizations: Qualcomm, Citi, General Motors, General, Barclays, Bank of America, Revenue, Merck, Japanese, Honeywell, LSEG, Norfolk Southern, Ancora Holdings, Wall Street Journal Locations: Norfolk Southern
☆ Stocks making the biggest moves midday: Peloton, Honeywell, Norfolk Southern, Boot Barn and more
  + stars: | 2024-02-01 | by ( Alex Harring | ) www.cnbc.com   time to read: +5 min
Meanwhile, analysts polled by LSEG, formerly known as Refinitiv, forecast earnings of 81 cents per share and $4.34 billion in revenue. Peloton — Shares fell more than 23% on the back of the company's bleak outlook for the current quarter and full-year sales. Peloton is forecasting sales to come in between $700 million and $725 million for the quarter. Analysts polled by LSEG expected revenue of $9.70 billion. Adjusted earnings per share came in at $2.10 versus the $1.66 expected from analysts polled by StreetAccount.
Persons: Robinson, Nextracker, Wolfspeed, MaxLinear, Qorvo, TD Cowen, Gabe Daoud Jr, — CNBC's Pia Singh, Lisa Kailai Han, Jesse Pound, Hakyung Kim, Spencer Kimball, Scott Schnipper Organizations: LSEG, —, Honeywell, New York Community Bank, Regional Banking, Western Alliance, T Bank, Norfolk Southern, Ancora Holdings, Street Journal, Merck —, Merck, FactSet, StreetAccount, Revenue, Qualcomm, Citi
☆ Kohl's shares jump as retailer reports a surprise profit
  + stars: | 2023-05-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com   time to read: +6 min
Kohl's shares spiked Wednesday as the struggling retailer posted a surprise profit and affirmed its full-year guidance while it chases a turnaround. Kohl's surprise quarterly profit comes after multiple quarters of disappointing sales and a sinking stock price. Since then, Kohl's has tapped its new CEO Kingsbury, former chief executive of off-price retailer Burlington Stores . That contributed to a big loss in Kohl's holiday quarter and weak outlook, which the Wisconsin-based company reiterated Wednesday. During the quarter, Kohl's had its strongest sales performance in February.
☆ Kohl's shares sink after big holiday-quarter losses
  + stars: | 2023-03-01 | by ( Melissa Repko | ) www.cnbc.com   time to read: +4 min
Kohl's shares sunk on Wednesday after the retailer posted a big loss and a sales decline of about 7% in the holiday quarter. Kohl's is not the only retailer that has felt a pullback as consumers spend more on food, housing and other necessities. During that same three-year period, spending at Kohl's fell by 15.4% and profit at the company plummeted by 203%. Kohl's inventory remains elevated, up 4% year over year as of the end of the fourth quarter, the company said. As of Tuesday's close, Kohl's stock is up about 11% this year, outperforming the approximately 3% gain of the S&P 500.
☆ Freight Broker C.H. Robinson Digs in Against Activist Investor
  + stars: | 2023-02-03 | by ( Paul Berger | ) www.wsj.com   time to read: +4 min
Robinson Worldwide Inc. is standing its ground against an activist investor pushing for a quick and wide-ranging overhaul of the country’s biggest freight broker as the company battles declining freight demand and growing competition. Robinson’s international freight forwarding business, a central goal of investor Ancora Holdings Group LLC as it seeks an overhaul of the business. Robinson executives said on the Wednesday earnings call that the global forwarding arm, which moves freight by air and ocean, is essential to the company’s success. Robinson is by far the largest player in the U.S. domestic freight brokerage market that matches freight shippers with available trucks. It is also among the top two U.S.-based companies in the global forwarding market that transports cargo by air and ocean.
☆ Kohl's pulls full-year outlook, citing retail volatility and economic headwinds
  + stars: | 2022-11-17 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
The Kohl's logo is displayed on the exterior of a Kohl's store on January 24, 2022 in San Rafael, California. Kohl's on Thursday withdrew its full-year outlook, pointing to volatility in the retail environment and significant macroeconomic headwinds, on top of its "unexpected CEO transition." Kohl's also reported third quarter earnings on Thursday, with revenue dropping 7% to $4.28 billion. The company warned investors of this drop in revenue earlier this month when it provided preliminary results for the quarter. Kohl's has been under pressure from activist investors as its sales have declined and its stock has slumped.
☆ Kohl's CEO Gass to leave for top job at Levi Strauss
  + stars: | 2022-11-08 | by ( Uday Sampath Kumar | ) www.reuters.com   time to read: +2 min
Nov 8 (Reuters) - Kohl's Corp (KSS.N) Chief Executive Michelle Gass will step down and take the helm at Levi Strauss & Co (LEVI.N) amid renewed calls from activist investors for management and board reshuffles at the struggling department store chain. Gass came under renewed pressure from hedge funds Macellum Advisors and Ancora Holdings after Kohl's decided in July to remain independent after exploring a sale. The former Starbucks (SBUX.O) executive, who became Kohl's CEO in 2018, will leave in December to become president at Levi's early next year before taking over from long-time boss Chip Bergh within 18 months. At Levi's, Gass faces the challenge of helping the denim maker navigate out of an inflationary environment that has caused a slump in discretionary spending and hit earnings. Kohl's said Tom Kingsbury, a director nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2.
☆ Kohl’s CEO Michelle Gass Resigns to Join Levi Strauss
  + stars: | 2022-11-08 | by ( Suzanne Kapner | ) www.wsj.com   time to read: 1 min
Michelle Gass, who took over as Kohl’s CEO in 2018, will step down next month. Kohl’s Corp. Chief Executive Michelle Gass is leaving the department-store chain early next month to join Levi Strauss & Co. with plans to have her take over as the jeans maker’s CEO. At Kohl’s, Ms. Gass has been under attack from activist investors for sales declines and a steep drop in the company’s stock price. In September, activist investor Ancora Holdings Inc., urged the company to replace Ms. Gass and its chairman. Kohl’s shares, down nearly 40% on the year, jumped 8% in early Tuesday trading.
☆ Levi's names Kohl's Michelle Gass as next chief executive
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +2 min
Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as the next CEO of the denim maker, succeeding long-time head Chip Bergh. Gass' departure from the struggling department store chain comes as activist investor groups push for management and board reshuffles, including a change of CEO. Gass will leave Kohl's in December to become president of Levi's early next year, and will take over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director who was nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2. Kohl's forecast third-quarter earnings of 82 cents per share, compared with analysts' estimates of 64 cents, according to Refintiv IBES data.
☆ Kohl's CEO Michelle Gass to step down, join Levi Strauss as CEO in waiting
  + stars: | 2022-11-08 | by ( Melissa Repko | ) www.cnbc.com   time to read: +1 min
Kohl's said Tuesday that CEO Michelle Gass is leaving the company for a new opportunity as its sales continue to fall. In a separate release, Levi Strauss & Co. said Gass will join the company in early January as president and step into the role of CEO within the next 18 months. Kohl's — and Gass — have been under pressure from investors. Its push for new leadership intensified after Kohl's terminated talks this summer to sell to the Franchise Group, owner of The Vitamin Shoppe. The board appointed Tom Kingsbury, a Kohl's director since last year, to serve as interim CEO.
☆ Retailer Kohl's faces fresh call for board rejig from activist group Macellum
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: +2 min
Macellum owns about 5% of the retailer and wants its candidates to replace some of the long-tenured directors, including chairman Peter Boneparth and other members of the executive committee. This is not the first attempt by Macellum, which is led by veteran retail investor Jonathan Duskin, to change the board. Shareholder pressure for Kohl's returned again last month when Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year, sought the removal of chief executive and board chairman. In its letter to investors, Macellum also said it had recently approached the board to work together on a refresh, but that was rebuffed by the chairman. Kohl's said the interactions with Macellum over the past two years have been "unproductive and a distraction from running the business".
☆ Activist Investor Ancora Looks to Oust Kohl’s CEO, Chairman
  + stars: | 2022-09-22 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Ancora Holdings Inc., the activist investor that helped get three directors installed on the board of Kohl’s last year, is now trying to have the retailer’s chairman and chief executive removed. In a letter to the Kohl’s board Thursday, Ancora said the retailer needs new leadership following a slow recovery from the pandemic, plunging profits and the scrapping of a potential sale to Franchise Group
☆ Activist investor pushes Kohl's to oust its CEO and chairman
  + stars: | 2022-09-22 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
Activist investor Ancora Holdings is pushing Kohl's to remove its chief executive and its chairman. Ancora sent a letter to the board Thursday asking for the replacement of CEO Michelle Gass and Chairman Peter Boneparth. The activist investor, along with Macellum Advisors, attempted to seize control of Kohl's board in 2021. In that attempt, Ancora, along with other stakeholders, pushed for new directors with retail experience, inventory reduction and the sale of Kohl's real estate. The real estate investor offered as much as $2 billion for the chain's property, which Kohl's would lease back for its store locations.
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