Activist investor group Ancora has successfully elected three of its nominees, Barber, Clyburn, and Lamphere, to the board of Norfolk Southern, a significant move in their campaign for change at the railroad company. Despite this partial victory, Ancora's push to oust CEO Allen Shaw was unsuccessful, as Shaw was re-elected. Strive's Head of Corporate Governance, Justin Danhof, had earlier expressed support for Ancora's nominees, highlighting their potential to positively impact Norfolk Southern's direction. Following these developments, Norfolk Southern's stock was down 5.2%.
Exclusive: Activist Ancora poised to win some board seats at Norfolk Southern, sources say https://t.co/ItqdU3WMbQ https://t.co/hycCvdR7JQ
$NSC (-5.2% pre) Activist Ancora wins three board seats at Norfolk Southern but falls short of ousting CEO https://t.co/qE0uApEdMA
More details on vote at $NSC: Allen Shaw re-elected to the board so he presumably is staying on as CEO. Chair Amy Miles is not re-elected. Ancora's candidates elected are Barber, Clyburn and Lamphere. Is getting three people on the board a victory or defeat for Ancora? #rail https://t.co/iI01BHd9km
Three seats for Ancora at $NSC When regime change is the aim and you don't get it ... that is an "L" No two ways about it.
On the call for the annual meeting of shareholders, Jim Chadwick of Ancora just reported that three of the nominees at Ancora for the board at $NSC were elected to the Norfolk Southern board. They had nominated seven. #rail https://t.co/Zd4UO203ZM
Exclusive: Activist Ancora poised to win some board seats at Norfolk Southern, sources say https://t.co/X0Tktke7xy https://t.co/tnW772u2c2
Strive’s Head of Corporate Governance, @justindanhof, shares why we believe Ancora's proposed board nominees offer the best chance to get Norfolk Southern back on track. Read the full letter we wrote on behalf of our clients to all Norfolk Southern shareholders, encouraging them… https://t.co/o2Y2uPxAlM