Norfolk Southern shareholders should vote for activist Ancora's nominees, proxy advisor firm Glass Lewis recommended, a strong sign of support ahead of a May 9 meeting.
Influential proxy advisor Glass Lewis recommended that Norfolk Southern shareholders vote for six of activist Ancora's nominees, a significant blow to CEO Alan Shaw and the railroad's board.
Ancora seeks to oust CEO Alan Shaw and seven of Norfolk Southern's directors, whom the activist holds accountable for sharp stock underperformance and tough fallout from a 2023 derailment in East Palestine, Ohio.A Norfolk Southern train is en route on Feb. 14, 2023 in East Palestine, Ohio. Earlier in the month a derailment sent millions of pounds of toxic chemicals into the environment and forced thousands of people to evacuate.
The recommendations for the activist nominees, rare at a company of NSC's size and in its industry, could influence how thousands of investors with millions of shares vote ahead of Norfolk Southern's shareholder meeting on May 9.
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