Activist investor wins 3 Norfolk Southern board seats but won’t have control to fire CEO

By JOSH FUNK
AP Business Writer

Norfolk Southern’s CEO will be under more pressure to improve profits after the railroad’s shareholders voted 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 Thursday from other investors, two major rail unions and proxy advisory firms wasn’t enough to persuade shareholders to elect their entire slate. Norfolk Southern CEO Alan Shaw had argued that Ancora’s plan would cut the railroad too deep and jeopardize the improvements in safety and service Norfolk Southern has seen since its disastrous February 2023 derailment in East Palestine, Ohio.