Norfolk Southern to Add Independent Director in Deal With Activist Ancora

Dow Jones11-14

By Dean Seal

Norfolk Southern has agreed to add an independent director to its board as part of a deal with activist investor Ancora Holdings, which in turn will drop four director nominations.

The railroad operator said Thursday that the cooperation agreement with Ancora comes after "constructive engagement" with the firm.

Ancora took aim at Norfolk Southern earlier this year with the goal of ousting Chief Executive Alan Shaw and overhauling the board. While investors voted to keep Shaw in May, the activist investor scored a partial victory with three of its seven nominees getting elected as directors.

The firm got another win in September when an investigation into a romantic relationship between Shaw and the company's general counsel, Nabanita Chaterjee Nag, resulted in Shaw's firing by the board.

With the deal reached Thursday, Ancora will withdraw nominations for four director candidates at Norfolk Southern's 2025 annual meeting and vote in accordance with the board's recommendation.

Adding a new independent director will expand the railroad's board to 14 members, of which 13 will be independent. Norfolk Southern said the addition will enhance the board's gender diversity and executive leadership experience.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 14, 2024 09:29 ET (14:29 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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