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(Source: Progressive Railroading, February 26, 2024)

Surface Transportation Board Chairman Martin Oberman is concerned about the potential of activist investors succeeding in their effort to replace Norfolk Southern Corp.’s top leadership in favor of a short-term strategy of cost-cutting and workforce reductions to boost profits. Such a strategy would be “a huge detriment” for the entire rail industry if activist investor Ancora Holdings Group LLC succeeds in its takeover attempt at NS, Oberman said during an interview with Progressive Railroading on Feb. 23. Oberman emphasized he was speaking for himself and not the entire STB.

Full story: Progressive Railroading