Norfolk Southern Proxy Battle Ends with Mixed Results for Ancora

Ancora secures three board seats at Norfolk Southern but fails to oust CEO Alan Shaw, signaling partial shareholder support for change.

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.