Norfolk Southern Corp. Chief Executive Officer Alan Shaw won the day at the railroad’s annual shareholder meeting on Thursday, beating back a challenge from activist investor Ancora Holdings Group, which had advocated for a CEO change. The mixed results of shareholder support for 10 Norfolk Southern board nominees, including Shaw, and three from Ancora may be the best outcome for all stakeholders: investors, workers and customers.

Investors in general expressed disappointment that there wasn’t a management change, evidenced by a drop of almost 3% in the share price on Thursday. This was the most expected outcome. They should take comfort that the three Ancora board nominees who were elected have a wealth of railroad experience and should be emboldened to hold Shaw’s feet to the fire on operations and profitability.

QOSHE - Norfolk Southern CEO Shaw Survives, But Not Without a Warning - Thomas Black
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Norfolk Southern CEO Shaw Survives, But Not Without a Warning

17 0
09.05.2024

Norfolk Southern Corp. Chief Executive Officer Alan Shaw won the day at the railroad’s annual shareholder meeting on Thursday, beating back a challenge from activist investor Ancora Holdings........

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