Overview

• Three Ancora activists, including William Clyburn Jr., Sameh Fahmy, and Gilbert Lamphere, were elected to Norfolk Southern's board, reflecting a significant but partial victory for the activist investor.
• Despite Ancora's efforts, CEO Alan Shaw retains his position as shareholders reject the proposal to replace him, underscoring continued confidence in existing leadership.
• Ancora's push for implementing precision-scheduled railroading (PSR) principles met resistance, though some aspects were adopted during the proxy fight.
• The election results were influenced by support from influential proxy advisory firms Glass Lewis and ISS, as well as backing from some labor unions and customers.
• Norfolk Southern continues to face challenges in operational efficiency and safety improvements, highlighted by recent derailments and financial settlements.