FILE – Norfolk Southern locomotives are moved through the Conway Terminal in Conway, Pa., June 17, 2023. The activist investors trying to take control of Norfolk Southern’s board are picking up key support, but the railroad’s CEO promised Monday, April 29, 2024, to continue fighting until the May 9 vote because he believes his strategy is the best in the long run for investors, customers and workers. (AP Photo/Gene J. Puskar, File)

The activist investors trying to take control of Norfolk Southern are picking up key support. But the railroad’s CEO promised Monday to fight the takeover attempt because he believes his strategy is the best in the long run. Ancora Holdings’ bid has gained the backing of one of the major proxy advisory firms, one of the railroad’s biggest customers and two of its largest labor unions. The main issue is whether CEO Alan Shaw’s strategy of keeping additional resources on hand during a downturn and his investments in safety are the best course for the railroad. Norfolk Southern that has been in the spotlight ever since its fiery 2023 Ohio derailment. Ancora argues a dramatic overhaul is needed to bring Norfolk Southern’s profits in line with its peers.