FRONT ROYAL, VA, AUGUST 19, 2025 — After a failed attempt to seize control of Norfolk Southern, activist investor Ancora Holdings has now turned its attention to CSX Transportation (CSX), raising new concerns about the future of rail safety and labor stability in the eastern freight corridor.

Ancora’s new campaign follows its high-profile defeat in May, when shareholders at Norfolk Southern (NS) rejected its aggressive bid to install new leadership and implement sweeping operational changes modeled after Precision Scheduled Railroading (PSR). Among those backing Ancora’s earlier campaign was former CSX Chief Operating Officer Jamie Boychuk, a proponent of aggressive cost-cutting measures that the Brotherhood of Railroad Signalmen (BRS) had firmly opposed. Boychuk is now advising Ancora on its efforts at CSX.

“The message at Norfolk Southern was clear: workers and shareholders alike rejected the notion that efficiency should come at the cost of safety and long-term strategy,” said BRS President Michael Baldwin. “Now, Ancora is turning to CSX and dusting off the same dangerous playbook.”

Ancora has publicly urged CSX to pursue a merger “sooner rather than later,” a proposal that, if handled without proper safeguards, could lead to the same kinds of staffing reductions and operational shortcuts that railroad workers have consistently warned against. During Ancora’s campaign at Norfolk Southern, the investor group proposed reducing headcount by up to 1,750 positions—initially through attrition—raising alarm across labor unions about the consequences for rail safety, resiliency, and workforce morale.

Boychuk, whose tenure at CSX saw a rapid expansion of PSR, was Ancora’s original pick to oversee operations at Norfolk Southern had its takeover succeeded. His return to the spotlight as an advisor to Ancora’s CSX campaign raises serious concerns that the same workforce-reduction tactics are being repackaged and redeployed.

These concerns are particularly troubling given the forward-thinking posture currently being demonstrated by CSX leadership. While other Class I railroads continue to delay or scale back critical investments, CSX has shown a willingness to invest in the infrastructure and technology needed to modernize the rail network and strengthen long-term safety. This approach not only supports jobs but reflects a deeper understanding of what it takes to build a more resilient and efficient freight rail system.

“These so-called ‘efficiencies’ result in longer response times, deferred maintenance, and fewer boots on the ground to monitor aging infrastructure,” said Baldwin. “It’s the kind of short-sighted strategy that prioritizes shareholder margins over safety, and it’s one our members—and the public—can’t afford.”

The BRS believes that meaningful progress at railroads like Norfolk Southern has come not from Wall Street-driven mandates, but through collaboration between management and labor. At NS, the Signal Safety Collaboration and continued dialogue between union leadership and executives have proven that long-term success depends on trust, shared accountability, and a workforce empowered to speak up about safety concerns.

“We are not opposed to innovation or progress,” Baldwin added. “What we are opposed to is a slash-and-burn approach from hedge funds and consultants whose relationship with the railroad ends the moment their profits are secured.”

As Ancora shifts its focus to CSX, the Brotherhood of Railroad Signalmen calls on all stakeholders—CSX leadership, shareholders, regulators, and elected officials—to reject any plan that puts short-term profits ahead of long-term rail safety and service reliability.