Two Railroad Unions Now Support Activist Investor At Norfolk Southern -- Market Talk

Dow Jones04-27

1449 ET - Two of the three largest railroad unions have reversed course and say they are supporting dissident board candidates for Norfolk Southern, two days after the company issued its first quarter results and signaled that some labor reductions are coming this year. The Brotherhood of Maintenance of Way Employes and The Brotherhood of Locomotive Engineers and Trainmen said they now support Ancora Holdings. These two unions represent 41% of the union workforce at Norfolk Southern. Initially, these union leaders said they had been against Ancora because they were wary about worsening working conditions and labor cuts if a new CEO comes onboard. Norfolk Southern CEO Alan Shaw recently replaced the chief operating officer with John Orr, a noted railroad executive with expertise in precision scheduled railroading. This replacement irked some union leaders. (esther.fung@wsj.com; @estherfung)

(END) Dow Jones Newswires

April 26, 2024 14:49 ET (18:49 GMT)

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