An activist group led by Ancora has acquired a $1 billion stake in Norfolk Southern Corp. and is pushing to remove the company's CEO, James A. Squires, according to a report by The Wall Street Journal. The group, which includes other investors such as Sachem Head, is also seeking to make changes to the board of directors. This move has resulted in Norfolk Southern's stock being on track for its largest gain since 2020, despite some analysts expressing skepticism about the potential shakeup.
Ancora-Led Group Takes Aim at Norfolk Southern, Pushes to Oust CEO Shaw $NSC https://t.co/MNr6fcCdyP
Norfolk Southern stock on pace for biggest gain since 2020 on report of investor-led shakeup — but one analyst notes skepticism https://t.co/ZDRK2D8SaM
Norfolk Southern CEO faces activists calling for his ouster. The activists are also calling for changes at the board. https://t.co/5ZFlBRqTKe @WSJ with @laurenthomas
Ancora-led group takes $1 bln stake in Norfolk Southern in bid to oust CEO - WSJ https://t.co/0ZDeDcR1o1 https://t.co/f6qtW241Fb
$NSC | Ancora-Led Group Takes Aim At Norfolk Southern, Pushes To Oust CEO Shaw - @WSJ https://t.co/QX7nKhQl0v
NEW: A group led by activist Ancora has taken a roughly $1 billion stake in Norfolk Southern as it tries to oust the railroad operator's CEO and take over its board. Other investors including Sachem Head are also in the stock. $NSC https://t.co/Ee7Pv1GEz2 via @WSJ