Norfolk Southern CEO Alan Shaw retained his position following a significant proxy battle with activist investor Ancora, which sought to replace him and take control of the railroad's board. Despite Ancora's efforts, shareholders voted against their proposal during the annual meeting. Ancora managed to secure three board seats out of the seven they contested, with Barber, Clyburn, and Lamphere being elected. However, this was not enough to achieve their goal of ousting the CEO. The company's chair, Amy Miles, was not re-elected. Ancora has stated they will continue their fight, highlighting the landmark nature of the proxy battle and addressing criticisms from investors regarding the CEO's performance.
Exclusive: Activist Ancora poised to win some board seats at Norfolk Southern, sources say https://t.co/mK1dc5cwyg https://t.co/GyZBsZtBIe
Norfolk Southern shareholders will decide Thursday morning whether to back an activist investor's bid to take over the railroad's board and replace management. https://t.co/UMeOdlxn4r
A railroad executive criticized by investors for not being ruthless enough will get to keep his job after a bitter activist fight. https://t.co/b5ia5ar3iK
Activist investor wins 3 Norfolk Southern board seats but won’t have control to fire CEO https://t.co/9gaBWoqYyF
Norfolk Southern investors elect three Ancora directors, CEO Shaw is re-elected https://t.co/MwRcu85Wcp https://t.co/mTHc1EgOFK
Norfolk Southern’s management has prevailed in its battle to retain control of the Class 1 railroad, with activist shareholder Ancora Holdings winning only three seats on the board of directors. https://t.co/CZC9UOT7Zj
Shareholders of Norfolk Southern, the beleaguered freight railroad, on Thursday voted down an attempt by an activist investment firm to remove the company’s chief executive and take control of its board. https://t.co/CxkFGZnwLX
Norfolk Southern $NSC prevails in landmark proxy fight with activist Ancora https://t.co/Svml68XfFq https://t.co/ChrVhIsRjN
Norfolk Southern’s shareholders on Thursday voted against an activist investor’s proposal to unseat Alan Shaw as CEO https://t.co/CEitsVxYj3 https://t.co/CEitsVxYj3
Norfolk Southern’s CEO Survives Activist's Push to Oust him. Ancora, the activist investor, says they will keep fighting. https://t.co/hRGLVgD50C via @WSJ
$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
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
⚠️ EXCLUSIVE-AREX CAPITAL TO MOUNT BOARD CHALLENGE AGAINST ENHABIT, SOURCES SAY Full Story → https://t.co/wHqvDRFFXd Hedge fund AREX Capital Management is seeking seven board seats at Enhabit, arguing that new directors are needed to help reverse poor financial performance at…
Norfolk Southern shareholders to decide Thursday whether to back investors who want to fire the CEO https://t.co/buPavETQ8n
Norfolk Southern’s embattled CEO is about to learn his fate https://t.co/b2tm147KA3
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
Ancora has made a solid case for change at railroad $NSC. I'm surprised more activist investors haven't latched on to sway the vote. Best place to start: https://t.co/84481cKEVa All materials: https://t.co/EevkW2mWyi