Activist investor wins several Norfolk Southern board seats but won’t have control to fire CEO ...Middle East

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Activist investor wins several Norfolk Southern board seats but won’t have control to fire CEO
source : TribToday ( Middle East ) () 41
Norfolk Southern’s CEO will be under more pressure to improve profits after the railroad’s shareholders voted Thursday to elect three of the board members an activist investor nominated, but he won’t be fired right away. Ancora Holdings had nominated seven directors as part of a bid to take control of the railroad’s board and overhaul its operations. The key support Ancora picked up from other investors, two major rail unions and proxy advisory firms wasn’t enough to persuade shareholders to elect their entire slate. Ancora’s Jim Chadwick blamed passive investors for failing to support the investors’ nominees. Norfolk Southern CEO Alan Shaw had argued that Ancora’s plan would cut the railroa

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