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Norfolk Southern CEO Alan Shaw spoke to reporters after a groundbreaking ceremony for the planned Norfolk Southern First Responder Regional Training Center in September. Mr. Shaw and the rest of the NS board are under fire from the Ohio-based Ancora Holdings Group, which owns a $1 billion stake in the railroad. (File photo: Stephanie Elbard)
EAST PALESTINE — As environmental and economic repairs continue in East Palestine following last year’s Norfolk Southern (NS) train derailment, Ohio-based Ancora Holdings Group, which owns a $1 billion stake in the railroad, The group of investors it leads continues to level criticism at the NS board and increase calls for CEO Alan Shaw’s replacement.
The group issued a statement Thursday in response to the Federal Railroad Administration’s recent statement that the southern Norfolk route has been changed. “Immediate and long-term success depends on a relentless focus on safety.” During President Joe Biden’s visit to the village last week, the president reported the derailment. “An act of greed that was 100 percent preventable.”
“We agree with the Federal Railroad Administration’s statement that Norfolk Southern Railroad’s path to immediate and long-term success is through a relentless focus on safety.” We share the agency’s concerns about “backtracking.” ” Ancora’s statement read: “Despite reactionary safety efforts in the wake of the avoidable East Palestine derailment in 2023, Norfolk Southern’s board and management derailment and the tragic death of an engineer. This is one of the main reasons for the management team we have proposed.” A series of board candidates, including former policy makers with relevant expertise. continues to follow President Joe Biden’s call to hold Norfolk South accountable. ”
In a statement, the group accused the NS board of chairing it. “Another oversight failure occurred in allowing CEO Alan Shaw to allocate millions of dollars to extensive lobbying and public relations activities. It appears to be aimed at protecting his role as one of the industry’s highest-paid executives.”
The investor group announced last week that it would nominate eight people for election to the NS board of directors at its 2024 general meeting. The candidates include transportation network leader Jim Barber Jr. as chief executive officer and lifelong railroad executive Jamie Boychuk as chief operating officer. Former Ohio Governor John Kasich was also among the candidates.
As an Ohio company, Ancora said its concerns go beyond the railroad’s potential profits. In a statement Thursday, Ancora said: “Employees and partners at Ancora, an Ohio asset management company serving the needs of individuals, families, pension funds, and other institutions, have loved ones and families directly affected by the tragedy in East Palestine, Ohio. So this campaign is about much more than a financial benefit to Ancora.”
Since last year’s derailment, Shaw has been directing films in southern Norfolk. “Make it right” Campaign — an effort to reduce the impact caused by railway disasters. To date, these donations have exceeded $104 million. The donation includes $21 million in direct assistance to local households, $25 million to renovate city parks, another $25 million to build and fund a regional training center for emergency responders in East Palestine, and an additional $25 million to support the city’s potable water supply. Includes $4.2 million in protection.
Shaw himself continued to visit the village to oversee efforts and personally donated nearly $500,000 to establish the Bulldog Legacy Scholarship, which is awarded annually to senior citizens in East Palestine.
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