Norfolk Southern Battles Activist Investor Over Board Control
The railroad company nominates new directors in a bid to fend off a takeover attempt by Ancora Holdings, emphasizing safety and operational improvements.
- Norfolk Southern nominates Richard Anderson and Heidi Heitkamp as new directors, replacing retiring and non-reelection members, to counter Ancora Holdings' takeover bid.
- Ancora Holdings proposes replacing CEO Alan Shaw with former UPS COO Jim Barber and nominates eight new directors, criticizing the company's performance and response to a derailment incident.
- The company defends its safety improvements and strategic direction under CEO Alan Shaw, citing investments in safety measures and support from the Federal Railroad Administration and unions.
- Ancora criticizes Norfolk Southern's board nominations as a 'weak and reactionary refresh,' arguing the company lacks a credible plan for improvement.
- The ongoing dispute has not yet led to a date for the annual shareholder meeting, where the board composition and management direction will be decided.
Washington Post 
Associated Press 