Articles from Ancora Holdings Group, LLC

Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), a diversified investment firm that oversees approximately $10 billion in assets, today issued the below open letter to the Board of Directors (the “Board”) of United States Steel Corporation (NYSEX) (“U.S. Steel” or the “Company”) regarding a variety of issues, including the Company’s recently blocked sale to Nippon Steel Corporation (“Nippon”).

Ancora Holdings Group LLC (collectively with its affiliates, “Ancora”) today released its positive investment thesis on Amcor plc (NYSE: AMCR; ASX: AMC) (“Amcor”) that was presented at the Bloomberg Activism Forum by James Chadwick, President of Ancora Alternatives LLC. This follows Amcor’s recently announced merger with Berry Global Group, Inc. (NYSEBERY) (“Berry”), which the companies expect to close in the middle of next year.1 The presentation can be accessed here.

Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora”), a significant shareholder of Harmonic, Inc. (“Harmonic” or the “Company”) (NASDAQHLIT), today released a presentation detailing what it believes is an opportunity for significant near-term value creation: “The Unrealized Value Creation Opportunity at Harmonic.” Ancora plans to engage in a constructive and open dialogue with Harmonic to gauge the Board of Directors’ willingness to evaluate the Company’s standalone prospects versus a potentially value-maximizing sale to one of the many logical acquirers in the space. To ensure Harmonic’s leadership understands all shareholders’ views following a period of disappointing results, we hope our fellow investors provide feedback as soon as possible and well ahead of the Company filing its proxy statement for the 2025 Annual Meeting of Shareholders. We consider Harmonic to be a great underlying business, but believe the Company does not have infinite time to achieve its full potential.

Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”) today issued the below open letter to the Board of Directors (the “Board”) of Forward Air Corporation (NASDAQFWRD) (“Forward Air” or the “Company”).

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”) today commented on the prospective outcome of Norfolk Southern Corporation’s (NYSENSC) (“Norfolk Southern” or the “Company”) 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Based on preliminary vote results, shareholders voted to elect Ancora nominees William Clyburn, Jr., Sameh Fahmy and Gilbert Lamphere to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders (the “Annual Meeting”). This means that a majority of Norfolk Southern’s Board will now be comprised of directors nominated or unopposed by Ancora.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”) today issued the below letter to the Board of Directors (the “Board”) of Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), focusing on topics that include recent public statements from CEO Alan Shaw, Board Chair Amy Miles and Corporate Governance Committee Chairperson Jennifer Scanlon about the firm’s engagement with the Brotherhood of Locomotive Engineers and Trainmen Division of the International Brotherhood of Teamsters (the “BLET”) and the Brotherhood of Maintenance of Way Employees Division of the International Brotherhood of Teamsters (the “BMWED”).

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued the below letter from James Barber, Jr., who is one the seven unaffiliated and qualified candidates the firm is seeking to elect to the Company’s 13-member Board of Directors (the “Board”) at the Annual Meeting of Shareholders (the “Annual Meeting”) on May 9, 2024. Vote on the BLUE Proxy Card to elect the entire Shareholder Slate at the Annual Meeting.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that all three independent proxy advisory firms – Institutional Shareholder Services Inc. (“ISS”), Glass, Lewis & Co. (“Glass Lewis”), and Egan-Jones Ratings Company (“Egan-Jones”) – have now recommended that Norfolk Southern shareholders vote “FOR” significant boardroom change at the Company’s upcoming Annual Meeting of Shareholders (the “Annual Meeting”) on May 9, 2024. Notably, all three proxy advisory firms also recommend voting AGAINST Norfolk Southern’s proposed executive compensation.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has recommended that Norfolk Southern shareholders support meaningful boardroom change by voting for five of its seven director candidates (the “Shareholder Slate”) at the Company’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”) on May 9th. ISS recommends that shareholders elect William Clyburn, Jr., Sameh Fahmy, John Kasich, Gilbert Lamphere and Allison Landry to the Company’s Board of Directors (the “Board”). Previously, Glass Lewis recommended shareholders elect six of Ancora’s director candidates, including proposed CEO Jim Barber.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that Glass, Lewis & Co. ("Glass Lewis"), a leading independent proxy advisory firm, recommends the Company’s shareholders vote to elect six dissident nominees on the BLUE Proxy Card at the upcoming Annual Meeting of Shareholders (“Annual Meeting”) on May 9, 2024. In particular, Glass Lewis recommends for the following Ancora nominees: Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, Gilbert Lamphere and Allison Landry.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that its seven candidates (the “Shareholder Slate”) for election to the Company’s 13-member Board of Directors (the “Board”) have received support from the Brotherhood of Locomotive Engineers and Trainmen Division of the International Brotherhood of Teamsters (“BLET Teamsters”). The BLET Teamsters represent locomotive engineers, conductors, brakemen, firemen, switchmen, hostlers and other train service employees at Norfolk Southern.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that its seven candidates (the “Shareholder Slate”) for election to the Company’s 13-member Board of Directors (the “Board”) have received support from the Brotherhood of Maintenance of Way Employees Division of the International Brotherhood of Teamsters (“BMWED Teamsters”). The nominees have collectively expressed their gratitude to the union.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today updated shareholders on its campaign to elect seven unaffiliated and qualified candidates (the “Shareholder Slate”) to the Company’s 13-member Board of Directors (the “Board”) at the Annual Meeting of Shareholders (the “Annual Meeting”) on May 9, 2024. Vote on the BLUE Proxy Card to elect the entire Shareholder Slate at the Annual Meeting.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued a presentation on the urgent need for leadership, safety and strategy changes at Norfolk Southern. The presentation also showcases the comprehensive plan prepared by Ancora’s nominees and proposed management team to transform Norfolk Southern and meaningfully improve shareholder value.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that its proposed CEO and director candidate Jim Barber, proposed COO Jamie Boychuk and director candidate Sameh Fahmy will be participating in a fireside chat with Deutsche Bank’s Transportation and Shipping markets analyst Amit Mehrotra on Monday, April 15 from 10:00 AM to 11:00 AM Eastern Standard Time.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued the below letter to fellow shareholders regarding the Board of Directors’ (the “Board”) apparent failures of diligence and poor judgment in appointing John Orr as COO.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that it is filing a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with its nomination of seven highly qualified director candidates for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders (the “Annual Meeting”) scheduled for May 9, 2024. Additionally, Ancora sent a letter to shareholders regarding its leadership team’s three-year path to superior performance and significant value creation at Norfolk Southern.

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued the below statement in response to the Company’s appointment of its third COO in two years under CEO Alan Shaw:

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced that its slate of director candidates and suggested management team have issued the below statement and released a summarized white paper that includes analysis and recommendations pertaining to the Company’s safety culture (downloadable here).

Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), which owns a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued the below statement regarding the Company’s latest derailment. As a reminder, we recently announced the nomination of eight highly qualified, independent candidates (the “Investor Slate”) for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders. In addition, we announced a proposed management team that includes transportation network leader Jim Barber, Jr. as Chief Executive Officer and lifelong railroad operator and turnaround expert Jamie Boychuk as Chief Operating Officer. To learn more, visit www.MoveNSCForward.com.

Ohio-based Ancora Holdings Group, LLC, its affiliates and the other participants in its solicitation (collectively, the “Investor Group” or “we”), who collectively own a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued an open letter to the Company’s Chair, Amy Miles.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which owns approximately 3% of the outstanding common stock of Elanco Animal Health Incorporated (NYSEELAN) (“Elanco” or the “Company”), today issued the below statement regarding its nomination of four highly qualified, independent candidates for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Ancora has also released a presentation, entitled “Overview: The Case for Change at Elanco’s 2024 Annual Meeting,” which can be viewed and downloaded here.

Ohio-based Ancora Holdings Group, LLC, its affiliates and the other participants in its solicitation (collectively, the “Investor Group” or “we”), who collectively own a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today issued the below statement following the Federal Railroad Administration’s recent letter.

Ohio-based Ancora Holdings Group, LLC, its affiliates and the other participants in its solicitation (collectively, the “Investor Group” or “we”), who collectively own a large equity stake in Norfolk Southern Corporation (NYSENSC) (“Norfolk Southern” or the “Company”), today announced the nomination of eight highly qualified, independent candidates (the “Investor Slate”) for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders (the “Annual Meeting”). In addition, the Investor Group announced it has identified a proposed management team that includes transportation network leader Jim Barber, Jr. as Chief Executive Officer and lifelong railroad operator and turnaround expert Jamie Boychuk as Chief Operating Officer. To learn more about the Investor Slate and proposed management team, download a copy of the Investor Group’s presentation, entitled The Case for Leadership, Safety and Strategy Changes at Norfolk Southern, at www.MoveNSCForward.com.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which has approximately $8.7 billion in assets under management and is a shareholder of The Walt Disney Company (NYSEDIS) (“Disney” or the “Company”), today issued an open letter to fellow shareholders regarding the state of the Company’s Board of Directors (the “Board”).

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQFWRD) (“Forward Air” or the “Company”), today issued the following open letter to the Chief Executive Officer of Omni Logistics, LLC (“Omni”).

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQFWRD) (“Forward Air” or the “Company”), today issued the following statement regarding the Company’s previously announced transaction with Omni Newco LLC (“Omni”).

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQFWRD) (“Forward Air” or the “Company”), today released a presentation detailing the value creation opportunity at Forward Air.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a meaningful holder of debt issued by Pitney Bowes, Inc. (“Pitney Bowes” or the “Company”), today issued an open letter to the Company’s Board of Directors (the “Board”) for the benefit of all fellow stakeholders.

Ancora Holdings Group, LLC today released the below communications with Green Plains Inc. (NASDAQGPRE), including a previously undisclosed July 11th letter to the Board of Directors.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora”), which is a meaningful shareholder of Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) (“Algonquin” or the “Company”), today issued the following statement regarding the Company’s decision to terminate its stock purchase agreement with Kentucky Power Company and AEP Kentucky Transmission Company, Inc. (the "Transaction").

Ancora Holdings Group, LLC (together with its affiliates, “Ancora”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSEIAA) (“IAA”) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated NYSE: RBANYSERBA)

Ancora Holdings Group, LLC (together with its affiliates, “Ancora”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSEIAA) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated NYSE: RBANYSERBA)

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSEIAA) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated NYSE: RBANYSERBA)

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is the second largest shareholder of Green Plains Inc. (NASDAQGPRE) (“Green Plains” or the “Company”) with ownership of nearly 7% of the Company’s outstanding common shares, today released the below letter that it has sent to the Company’s Board of Directors (the “Board”).

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”) today issued the below statement regarding Hasbro, Inc.’s (NASDAQHAS) (“Hasbro” or the “Company”) announcement that it has initiated a sale process for its eOne TV and film business.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSEIAA) (“IAA” or the “Company”), today released the below letter to the Company’s Board of Directors (the “Board”) regarding the proposed sale to Ritchie Bros. Auctioneers Incorporated NYSE: RBANYSERBA)

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”), which is the beneficial owner of approximately 2.5% of the outstanding shares of Kohl’s Corporation (NYSEKSS) (“Kohl’s” or the “Company”), issued the below statement regarding the Company’s announced management transition.

Ancora Holdings Group, LLC today announced that it has sent the below letter to the Board of Directors of Kohl’s Corporation (NYSEKSS).

Ancora Holdings Group, LLC ("Ancora"), a significant stockholder of Everbridge, Inc. (NASDAQEVBG) (“Everbridge” or the “Company”), today issued the following statement regarding the certified voting results of the Company’s 2022 Annual Meeting of Stockholders, which were filed with the U.S. Securities and Exchange Commission on May 25, 2022:

Ancora Holdings Group, LLC ("Ancora"), a significant stockholder of Everbridge, Inc. (NASDAQEVBG) (“Everbridge” or the “Company”), today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has recommended stockholders "WITHHOLD" support for Chairman Jaime Ellertson and Chair of the Nominating and Corporate Governance Committee Bruns Grayson at the Company's Annual Meeting of Stockholders scheduled for May 19, 2022.

Ancora Holdings Group, LLC ("Ancora"), a significant stockholder of Everbridge, Inc. (NASDAQEVBG) (“Everbridge” or the “Company”), today issued a presentation that details its rationale for withholding support for four current members of the Company’s Board of Directors (the “Board”) at the 2022 Annual Meeting of Stockholders (the “Annual Meeting”). A downloadable PDF of the presentation can be found above.

Ancora Holdings Group, LLC today announced that it has sent the below letter to Hasbro, Inc.’s (NYSEHAS) Board of Directors.

Ancora Holdings Group, LLC, a significant stockholder of Everbridge, Inc. (NASDAQEVBG) (“Everbridge” or the “Company”), today issued the following letter to the Company's stockholders.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), the largest shareholder of Middlefield Banc Corp. (NASDAQMBCN) (“MBCN,” the "Bank" or the “Company”), today issued the following open letter to shareholders regarding the Company's 2022 Annual Meeting of Shareholders.

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Everbridge, Inc. (NASDAQEVBG) (“Everbridge” or the “Company”), today issued the below statement as a follow-up to its March 17th letter that urged the Board of Directors (the “Board”) to explore strategic alternatives.

Ancora Holdings Group, LLC today issued the following letter that has been sent to Everbridge Inc.’s Board of Directors: