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Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.
Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock
Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign
Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk
Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor's efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad's 13-person board. The labor group said it would back the activist's seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on union support. The support from the BMWED Teamsters, whose members build and maintain the track infrastructure that keeps Norfolk Southern trains moving, amounts to a sharp rebuke of Shaw and Norfolk Southern's board. Norfolk Southern and Ancora have been locked in a proxy contest for several months. Neuberger Berman, for example, is backing the activist and said that Norfolk Southern had a history of poor governance and that a boardroom change was needed.
Persons: Ancora, Alan Shaw, Shaw, Tony Cardwell, Cardwell, Jim Barber, Jamie Boychuk, Boychuk, Barber, It's, John Orr, Glass Lewis, Neuberger Berman Organizations: Thursday, Teamsters, Norfolk Southern, Norfolk, BMWED Teamsters, Labor, American Federation of Labor, Industrial Organizations, CSX, Ancora Locations: Norfolk Southern, Norfolk, U.S, East Palestine , Ohio, Washington
David Zaslav, the chief executive of Warner Bros. Mr. Zaslav’s compensation for 2023 is notable, however, because Warner Bros. In addition, Warner Bros. Discovery shareholders sent a clear message about Mr. Zaslav’s pay at the company’s most recent annual meeting: It’s too high. In a nonbinding “say on pay” vote, only 50.8 percent of shareholders approved of the $39.3 million he was paid in 2022.
Persons: David Zaslav, Zaslav’s Organizations: Warner Bros, Securities and Exchange Commission, Revenue, CNN, Discovery, ISS
Kam Ghaffarian, co-founder and chairman of Axiom Space Inc., speaks during an interview at the company's headquarters in Houston, Texas, U.S., on Friday, Jan. 14, 2022. IBX's Kam Ghaffarian wants to go even further: the stars. Ghaffarian has been instrumental in ushering in the new space economy, having co-founded and invested in a cadre of commercial space ventures. Unlike other high-profile billionaires building commercial space companies, Ghaffarian made his fortune through the space industry, and rather than focusing on access to space, he's leveraging those falling costs to build out infrastructure and business activities in space. Ghaffarian believes the space economy will be worth trillions of dollars — and sooner than many realize.
Persons: Kam Ghaffarian, Jeff Bezos, Richard Branson, Elon Musk, IBX's Kam Ghaffarian, CNBC's Morgan Brennan, Ghaffarian, Odysseus, he's, We've, Jeff, Bezos, we've, Morgan Brennan, it's Organizations: Space, International, Elon, Technologies, NASA, KBR, SpaceX Locations: Houston , Texas, U.S, Colorado Springs, Iran
The International Space Station has long been a symbol of international cooperation. AdvertisementSince the end of the Cold War, the International Space Station (ISS) has been a symbol of international cooperation. By 1988, 15 nations had agreed to participate in the project, then known as Space Station Freedom. Keystone/Hulton Archive/Getty ImagesThe Soviets had long-standing expertise in aerospace technology, having launched the world's first space station, "Salyut," in 1971. China has completed several unmanned Moon landings, has its own space station, and has developed a sophisticated commercial and military satellite program.
Persons: , Peggy Whitson, Vladimir Putin, Jill Stuart, Ronald Reagan, Bill Clinton, Terry Virts, Anton Shkaplerov, Marco Tacca, Oleg Artemyev, Denis Matveev, Sergey Korsakov, Virts, Michael Barratt, Matthew Dominick, Alexander Grebenkin, Jeanette Epps, Stuart, Verts, Musk Organizations: Astronauts, Service, Space, Veteran, ISS, Imperial College London, Politics, NASA, European Space Agency, ESA, Inter, Soyuz, Keystone, Hulton, Roscosmos, Reuters, Anadolu, Getty, Imperial College, Baikonur Cosmodrome, Elon Musk's SpaceX, The Independent, CNBC Locations: Russia, Ukraine, Europe, China, Japan, loggerheads, Hollywood, Canada, Soviet Union, Milan, Italy, Luhansk, Luhansk People's Republic, Russian, Baikonur, Kazakhstan, The, Soviet Russia
Amid preparations for its spaceplane's maiden flight and an initial public offering as soon as next year, Sierra Space is expanding its satellite offerings. "We've actually been waiting for six months, so it's like, this [name], we really thought about it," Tom Vice, Sierra Space chief executive said in an interview for CNBC's "Manifest Space" podcast. Valued at $5.3 billion as of September, Sierra Space was spun out of defense contractor Sierra Nevada Corporation three years ago. Sierra Space touts a diverse space and defense tech portfolio spanning space transportation, space habitation, propulsion and satellites. It's perhaps best known for its NASA-contracted, reusable spaceplane Dream Chaser which will run cargo resupply missions to the International Space Station and eventually carry humans to and from orbit.
Persons: We've, Tom Vice, Eren, Jeff Bezos Organizations: Space, Sierra Space, Sierra Nevada Corporation, Fatih, NASA, International Space Station, Pentagon, U.S, FAA
Jamie Dimon, one of the world’s most influential business leaders, is worried. The PE boom: The shrinking public market has private equity to blame — funds that pool money from investors to acquire or invest in companies. When a PE fund buys a public company, it takes that company private. The number of private companies in the US backed by PE firms has grown from 1,900 to 11,200 over the last two decades, according to JPMorgan data. Dimon’s company, of course, makes a huge amount of money from taking companies public, so he’s not exactly an impartial observer.
Persons: Jamie Dimon, , Matthew Kennedy, Dimon, , it’s, Russell, Lewis, Glass Lewis, Wells, aren’t, Matt Egan, Donald Trump’s, That’s, Reddit, , Read, Biden, Joe Biden’s, Sam Fossum, Anna Cooban, ” Biden Organizations: CNN Business, Bell, New York CNN, JPMorgan Chase, JPMorgan, Renaissance, PE, ” Companies, Companies, Harvard Law, Corporate, Institutional, Services, Deutsche Börse, Peloton Capital, CNN, ISS, Social, Trump Media & Technology Group, Trump, Trump Media, Twitter, White, Taiwan Semiconductor Manufacturing Company Locations: New York, United States, America, German, Arizona,
Read previewA trio of top Wall Street bosses is facing investor agitation this spring over their jobs. The attempts to add more independent oversight to the firms' boards of directors is a public rebuke to those CEOs. Last week, top proxy firms Glass Lewis and Institutional Shareholder Services recommended Goldman and BofA separate their CEO-chair jobs. AdvertisementA cyclical history of splitting CEO and chairman rolesThese proposals cycle in and out of fashion, and Wall Street has seen plenty of similar ballot questions, from shareholders large and small. Large companies — like the trio of Wall Street firms now — were targeted much more often for shareholder proposals to split the jobs than the small companies.
Persons: , Goldman Sachs, David Solomon, Larry Fink, Brian Moynihan, Glass Lewis, Goldman, BofA, Moynihan Organizations: Service, Goldman, BlackRock, Bank of America, Business, Institutional, Exxon, Stanford Graduate School of Business, Stanford, Wall Street
Goldman Sachs CEO David Solomon faces a challenge from a big investor advisor. The advisor recommended separating the CEO and chairman roles for more independent oversight. The annual meeting vote comes amid scrutiny of Goldman's consumer business and personnel issues. AdvertisementGoldman Sachs' CEO is facing a fresh challenge to his leadership from an advisor to some of the bank's biggest investors. Proxy advisor Institutional Shareholder Services, or ISS, wants Goldman to separate the CEO and chairman roles.
Persons: Goldman Sachs, David Solomon, , Goldman Organizations: Service, Services, Reuters, ISS, Business
As for the newsletter, in today's big story, we're breaking down Disney's big proxy fight . Activist investor Nelson Peltz's proxy fight against Disney for two seats on the company's board comes to a head at its annual shareholder meeting today. The total amount spent between Disney and its rivals wrangling votes is estimated to be at least $70 million, a record for a proxy fight. The statue of Walt Disney and Mickey Mouse at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida. 3 things in businessWin McNamee/Getty Images; Chelsea Jia Feng/BIIn other newsAdvertisementWhat's happening todayThe Walt Disney Company's annual meeting will be held today.
Persons: , Congrats, ya, Bob Iger, Nelson Peltz, Neilson Barnard, David A, Grogan, Nelson, Madeline Berg, BI's Peter Kafka, BI's Grace Eliza Goodwin, Walt Disney, Mickey Mouse, Joe Burbank, Rowe Price, Peltz's Trian, Neuberger Berman, Peltz, It's, Trian, they're, Stocks, Ray Dalio, it's, Quincy Krosby, Jeffrey Buchbinder, Alyssa Powell, Win McNamee, Chelsea Jia Feng, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, National, Getty, Disney, Magic, Walt Disney World, Orlando Sentinel, Tribune, Wall, BlackRock, Peltz's Trian Partners, California Public Employees, Financial Times, DuPont, Fed, JPMorgan, Bridgewater Associates, Astera Labs, Arm Holdings, LPL Financial, Apple, Nvidia, BI, Walt Locations: , Virginia, Lake Buena Vista , Florida, China, Haiti's, New York, London
Trian claims Disney's board has failed to generate sufficient returns in recent years as subscription streaming losses have mounted and traditional TV subscribers have declined. Early vote countBoth Disney and Trian received support from influential shareholders ahead of Wednesday's meeting. Roughly one-third of Disney's shareholders are retail shareholders, who historically vote in small numbers in annual meetings. The arrangement still raised questions about ValueAct's support for the company and whether Disney's board should have disclosed the prior relationship. WATCH: Disney board battle reaches final moments
Persons: Bob Iger, Mickey Mouse, Valerie Macon, Nelson Peltz, Jay Rasulo, They've, Maria Elena Lagomasino, Michael Froman, Peltz, Ike Perlmutter, Trian, Disney's, Iger, Bob Chapek, Patrick T, Adam Jeffery, Morgan Stanley, James Gorman, CNBC's, George Lucas, Laurene Powell Jobs, Lucas, Powell Jobs, Ken Squire, Rowe Price, Rowe, Mason Morfit's, ValueAct, Neuberger Berman, John Ferguson, Rasulo —, Glass Lewis, Iger's, Gorman, Jeremy Darroch, CNBC's Andrew Ross Sorkin, Heidi Gutman, Lagomasino, shouldn't, Blackwells, Rasulo, Jason Aintabi, John Foley, Jessica Schnell, Craig Hatkoff, Leah Solivan, ValueAct hasn't Organizations: AFP, Getty Images Disney, Voters, Trian Partners, Disney, PepsiCo, Marvel, SEC, Fallon, Bloomberg, Getty, CNBC Disney, CNBC, Star Wars, LucasArts, Pixar, BlackRock, Institutional, California Public Employees, Yacktman Asset Management, Saratoga Proxy, ISS, Sky, Trian Fund Management, NBCU, Bank, NBCUniversal, Green, Comcast Locations: Los Angeles, New York
In 2015, Nelson Peltz's Trian Partners was defeated in an activist campaign against chemical firm DuPont , largely because the top three institutional shareholders voted against his slate. Nearly a decade later, those same institutional investors — Vanguard, State Street and BlackRock — are the three largest shareholders in Disney . Former Marvel chairman Ike Perlmutter has entrusted Peltz with his 33 million Disney shares, the bulk of the activist's 1.8% stake. Vanguard is the largest holder with 8% of outstanding Disney shares. In 2021, for example, 63% of Disney shareholders voted their shares, according to data analyzed by 13D Monitor.
Persons: Nelson Peltz's Trian, Bob Iger, Rowe Price, CNBC they're, Trian, Ike Perlmutter, Peltz, Neuberger Berman, Jones, Ken Squire, Squire, Innisfree, King Organizations: Nelson Peltz's Trian Partners, DuPont, — Vanguard, State Street, BlackRock, Disney, Wall Street, CNBC, Vanguard, State, Marvel, Trian Partners, 13D, Okapi Partners Locations: BlackRock, New York, California
CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Boeing's Starliner program finally feels close to flying people in space for the first time. It was originally planned to launch this crew flight test in November 2018. On the eve of flying crew, Boeing's messaging is now closer to "NASA wants us as backup and we're not committing beyond that." The additionally unfortunate aspect of this situation is that none of these years of setbacks and cost overruns seem to have lit a fire under Boeing's space management.
Persons: CNBC's Michael Sheetz, Boeing's, we're, Starliner, it's, SpaceX's Dragon, Boeing's Starliner, Mark Nappi, Nappi Organizations: ISS, Boeing, SpaceX, NASA
NASA awarded Blue Origin $172 million to develop a space station for both astronauts and tourists. The space station, called Orbital Reef, will need to be able to support human life. AdvertisementThe International Space Station won't be around forever, and NASA is pouring hundreds of millions of dollars into its potential replacements. One promising candidate is Orbital Reef — a joint venture between Jeff Bezos's space company Blue Origin and Sierra Space. "Think spacious modules with large windows to view Earth, our blue origin, while experiencing the thrill of weightlessness in complete comfort," Blue Origin states on its website.
Persons: , Jeff Bezos's, Angela Hart, Chris Hadfield, Matthias Maurer, Blue, Thomas Pesquet, Hart, Artemis, George Scott, NASA's, NASA It's, Biden, there's Organizations: NASA, Service, Origin, NASA's, ISS, Space Station, Space, International, ESA, Artemis, Soyuz, Shepard
Proxy advisory firm Institutional Shareholder Services on Thursday recommended that Walt Disney shareholders elect activist investor Nelson Peltz to the board in his bitter fight against CEO Bob Iger. While siding with Peltz, ISS told shareholders not to back Rasulo in the fight, citing his previous positioning as a potential successor to Iger. "Though we do not have any concerns about his ability to serve as an objective director, we recognize that Rasulo's potential presence might create added friction on the board," ISS said. Another proxy advisory firm, Glass Lewis, earlier this week endorsed Disney's slate of board nominees. Large institutional shareholders will often — but not always — vote based on the recommendation of either of the two proxy advisory firms.
Persons: Nelson Peltz, Bob Iger, Peltz, Jay Rasulo, Iger, Trian, Maria Elena Lagomasino, Disney, Blackwells, Roy Disney, Jamie Dimon, George Lucas, Glass Lewis, Lewis, — CNBC's Rohan Goswami Organizations: Walt Disney, New York Stock Exchange, Services, Trian Fund Management, Disney, ISS, JPMorgan Chase, Disney's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's less investor support for ESG proposals this year, says ISS' Lorraine KellyLorraine Kelly, ISS global head of investments stewardship, joins 'Squawk Box' to discuss the key trends in the 2024 proxy season, the backlash against ESG proposals, and more.
Persons: Lorraine Kelly Lorraine Kelly Locations: ISS
In the worst-case scenario, the collision would have ejected 7,500 bits of debris into low-Earth orbit. Satellite collisions are becoming more likely as the amount of space junk in low-Earth orbit grows. Even the tiniest debris can damage the space station and endanger astronauts, though no astronaut has lost their life due to space debris (yet). The race to clean up spaceThe consequences of space debris are very real, so much so, that the worst-case scenario has a name: Kessler syndrome. TransAstra's capture bags could help solve Earth's space debris problem.
Persons: , LeoLabs, Darren McKnight, NASA ODPO, Kessler, Astroscale Organizations: Service, Space, NASA, European Space Agency, Federal Communications Commission, Dish Locations: Russia, India
Roscosmos said on Wednesday that it detected an air leak on board the ISS that poses no threat to the crew. AdvertisementRussia's space agency said on Wednesday that its section of the International Space Station is again suffering an air leak issue, but said the problem currently poses no threat to its crew. "There is an area at the end of the International Space Station that we've seen a leak. Meanwhile, Roscosmos said it plans to build its own space station, following the example of China's independent Tiangong station. As Moscow continues to split from the West, Russian space officials have questioned the reliability of the old equipment on board the ISS.
Persons: Roscosmos, , Joel Montalbano, Montalbano, Pyotr Dubrov Organizations: NASA, Russia's Zvezda, Service, International, Space, Russian, ISS, National American Space Agency ISS, International Space, Zvezda, West Locations: Russia's, Russian, Russia, Moscow, Ukraine
An aerospace startup has unveiled the test capsule for its luxury space tourism experience. It's the latest commercial spacecraft for suborbital flight, after Virgin Galactic and Blue Origin. Space Perspective, a Florida-based startup, recently unveiled a test capsule for its new Neptune spacecraft. The company touts the pressurized Neptune capsule as "the largest human spacecraft in operation" aside from space stations like the ISS. Space Perspective"The space capsule is like nothing the world has ever seen," cofounder Taber MacCallum said in a statement.
Persons: , Neptune, Shepard, Dezeen, Taber MacCallum, Jane Poynter, Space.com Organizations: Virgin Galactic, Service, Virgin, US Air Force Locations: Florida
This upcoming Mars simulator mission won’t require that you be astronaut-ready. During my monthslong space mission, I was able to put everything on autopay on my credit cards or through my credit union. But once you set your expectations about the limited space you’ll have and the protracted period of time you’ll be gone, you’ll probably be fine. Finally, in your year on board the Mars simulator, you will very likely miss some of the things that I missed most. As soon as the spacecraft hatch was opened after landing from my ISS mission, I smelled grass.
Persons: Leroy Chiao, You’ll, NASA doesn’t, aren’t, you’ll Organizations: CNN, NASA, Leroy Chiao CNN, Space, ISS, Space Center Locations: Russia
White House national security communications adviser John Kirby said Tuesday that the U.S. plans to announce a "major sanctions package" on Friday, seeking to hold Russia responsible for the death of imprisoned opposition leader Alexei Navalny. Estonia Prime Minister Kaja Kallas on Tuesday said the country, which borders Russia, successfully thwarted a "hybrid operation" by Russia's security services on its territory. Russia's Federal Security Service has reportedly detained a woman with dual Russian-U.S. citizenship on suspicion of treason, Russian media reported Tuesday. The woman, believed to be a 33 year-old resident of Los Angeles, was arrested in the Urals mountain city of Yekaterinburg. She was reportedly arrested on suspicion of treason for raising funds for Ukraine's armed forces.
Persons: John Kirby, Alexei Navalny, Kaja Kallas Organizations: White, Russia, Internal Security Service, ISS, Federal Security Service Locations: U.S, Estonia, Russia, Los Angeles, Yekaterinburg
Russian cosmonaut Oleg Kononenko has broken the world record for the most cumulative time spent in space, Russia’s space agency Roscosmos reported Sunday. The 59-year-old has now spent more than 878 days and 12 hours in space, surpassing fellow Russian Gennady Padalka, who set the previous record of 878 days, 11 hours, 29 minutes, and 48 seconds in 2015. Kononenko has made five journeys to the International Space Station, dating back to 2008. By the end of this expedition, the cosmonaut is expected to become the first person to accumulate 1,000 days in space. The International Space Station is one of the few areas in which the United States and Russia still cooperate closely following Moscow’s invasion of Ukraine in Feb. 2022.
Persons: Oleg Kononenko, Roscosmos, Gennady Padalka, Kononenko, I’ve, , Loral O’Hara, Nikolai Organizations: International, TASS, ISS, NASA Locations: United States, Russia, Ukraine
Moreover, because of how microgravity affects human metabolism, astronauts need a lot more energy to function than people on Earth. The perfect astronaut meal: space saladNASA astronaut Frank Rubio with tomatoes growing on the International Space Station. How it tastesEmily SwaimI decided to make the meal and determine for myself what this space salad of the future would be like to prepare. Therefore, we can calculate approximately how much nutrition astronauts would earn from eating this space salad. AdvertisementIf you wanted to add meat to your space salad, I'd recommend pairing it with a lighter option such as chicken or tuna.
Persons: , Frank Rubio, Koichi Wakata, It's, Emily Swaim, Volker Hessel, who's, Lacey Young, Leland Melvin, Hessel Organizations: Service, NASA, Space, Japan Aerospace Exploration Agency, Food Science & Technology, University of Adelaide, Food Systems Laboratory, International, Getty
The US Space Force is sending its first Guardian into space as early as August. It's the first time in Space Force's four-year history that it will send a Guardian to space. AdvertisementThe US Space Force is sending its first member — which it calls "Guardians" — into space. USSF Col. Nick Hague is set to pilot a NASA mission to the International Space Station as early as August, Space Force announced. Two NASA astronauts and a Russian cosmonaut will join the Crew-9 mission aboard the Dragon, a Space X spacecraft.
Persons: Nick Hague, It's, Organizations: US Space Force, NASA, Guardian, Service, Space Force, USSF, International Space Station, Business Locations: Russian, Hague
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