SA: Norfolk Southern CEO keeps job, activist Ancora wins three board seats

SEEKING ALPHA reports:

Norfolk Southern Corp. (NYSE:NSC) CEO Alan Shaw kept his job and activist Ancora Holdings won three board seats in a battle with the railroad operator. NSC shares fell 5.2% in premarket trading following the results.

Based on preliminary vote results ahead of the Thursday shareholder meeting, holders voted to elect Ancora nominees William Clyburn, Jr., Sameh Fahmy and Gilbert Lamphere to Norfolk Southern’s (NSC) board, according to a statement from the activist hedge fund on Thursday.

Ancora Holdings, which holds a $1B stake in Norfolk Southern (NSC), has had a campaign to replace seven of NSC’s 13 board members with their own nominees and oust Shaw in favor of former UPS COO Jim Barber. Ancora was also pushing for the appointment of turnaround expert Jamie Boychuck as COO…

The full post is here.