(UPI circulated the following on May 12.)
JACKSONVILLE, Fla. — Two large CSX shareholder groups trying to unseat current board members will be conducting their business at a New Orleans rail yard, the company said.
Railroad transportation giant CSX announced that its annual shareholder meeting will take place in late June in New Orleans at a rail yard to “give shareholders a bird’s-eye view of what we do,” company spokesman Garrik Francis told The New York Times.
Two hedge funds, The Children’s Investment Fund and 3G Capital Partners, have nominated new board members amid allegations the company has overspent on operational expenses.
The hedge funds also wish to split the chairman and chief executive positions into two jobs, the Times reported.
Francis said the company has a tradition of having meetings in settings that illuminate company business.
The New Orleans site is supposed to show rebuilding progress made after Hurricane Katrina struck the area on 2005, Francis said.
The company has also released a statement that says the hedge funds “may seek to implement an agenda that would damage CSX’s future success,” the Times reported.