News / Ancora gains three seats on NS board, but fails to oust CEO Shaw

Photo: Alan Stoddard, Dreamstime.com

Ancora Capital’s $1bn push to take control of Norfolk Southern Railway (NS) has failed.

NS shareholders voted to keep 10 of the 13 board members in place, including CEO Alan Shaw and COO John Orr, while activist investor Ancora only saw three of its seven candidates accepted.

Ex-UPS COO Jim Barber and Jamie Boychuk – nominated to take over as CEO and COO respectively – failed to be endorsed by shareholders.

One of the casualties ...