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.CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe proxy advisor recommended that shareholders vote in support of Ancora nominees Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere and Allison LandrySignificantly, the proxy advisor also recommended shareholders withhold their support from current CEO Shaw and board chair Amy Miles.
A general view of the exterior of the headquarters of Norfolk Southern on April 1, 2023 in Atlanta, Georgia.
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