Railroad CEO Isn't Ruthless Enough for Investors After Toxic Crash [BNN Bloomberg (Canada)]
CSX Corporation (CSX)
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Source: BNN Bloomberg
railroad industry when a derailment caused a toxic disaster in East Palestine, Ohio, last year. Now, an activist investor is waging an increasingly personal battle to fire the CEO — but not because it wants the railroad to spend more on safety initiatives. Instead, Ancora Holdings Group is tagging him as a soft-touch marketing guy who's overly deferential to workers and customers and unwilling to implement the operational changes necessary to compete in the notoriously cutthroat industry. Alan Shaw is a lifer at Norfolk, starting out in the finance department in 1994. But he came into the CEO job in 2022 — less than a year before the Ohio disaster — with a message of change. For more than a decade, the railroad industry has been governed by the gospel of the late executive Hunter Harrison: an efficiency strategy known as precision scheduled railroading that's resulted in shrunken workforces and longer, more packed trains. Shaw argued railroads had become so focused on costs they
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