Norfolk Southern Settles Governance Dispute with Ancora, Adds Independent Director

Norfolk Southern Railway has reached a settlement with Ancora Holdings, agreeing to appoint an Independent Director to its Board. This addition expands the Board to 14 members.

As part of the agreement, Ancora will withdraw its four Board nominees and adhere to a standstill agreement, supporting the company’s recommendations through the 2025 annual meeting.

Earlier this year, Ancora had nominated seven Directors and called for the replacement of then CEO Alan Shaw, citing governance concerns. Shaw was removed in September due to ethics violations, and CFO Mark George was subsequently promoted to CEO.

Despite these challenges, Norfolk Southern recently reported strong third-quarter profits, driven by improved volumes and operational metrics.