ISS backs Ancora's Norfolk Southern board nominees but supports Shaw as CEO

seekingalpha04-30

Another blow to the current Norfolk Southern (NYSE:NSC) board as ISS has now thrown their support behind five of Ancora Holdings’ seven nominees and recommended that shareholders withhold support for ...

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The advisory firm recommended that Alan Shaw remain as CEO.  While ISS did not endorse Ancora’s pick for CEO, they consider Jim Barber a “credible director and CEO candidate nonetheless.”  ISS’s endorsement comes a day after Glass Lewis also recommended a board refresh, as well as a new CEO and COO.  The current board is facing significant opposition with the endorsement from ISS, Glass Lewis, two powerful railroad unions, and Cleveland Cliffs, a major customer of the railroad. Ancora has been engaged in a proxy fight with Norfolk Southern (NSC) for 3 months to oust current CEO Alan Shaw in favor of former UPS COO Jim Barber, and replace most of the board. “Norfolk Southern, which has exceptional rail workers and the country’s best customers, has suffered for years due to its Board’s poor decisions with regard to the Company’s leadership, safety priorities and strategy,” Ancora said in February at a presentation. Norfolk Southern (NSC) shares are down 4%.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431228743"}