Norfolk Southern will add a new member to its board of directors — the 14th overall and 13th independent director — under a “cooperation agreement” with shareholder Ancora Holdings, NS announced Thursday.
Ancora placed a few of its people on the Norfolk Southern board in May, and that likely led to CEO Shaw’s ouster.
Activist investor Ancora elected three members to the Norfolk Southern board, failing to oust CEO Alan Shaw. An Ancora official says “passive investors” are to blame if safety issues recur.
A second proxy adviser is backing big changes on the Norfolk Southern board, but this one is calling for CEO Alan Shaw to stay.
Norfolk Southern’s board said it maintains an “ongoing process” of board refreshment.
Andrew Cox and Seth Holm detail Ancora Advisors’ attempts to reroute asset-light trucking and logistics company
