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Norfolk Southern CEO Retains Job, Ancora Wins 3 Seats, Vows to Fight On

May 9, 2024, 03:10 PM

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.