TD Cowen

Norfolk Southern President and CEO Alan Shaw remains in place and said he “is confident that we will have a strong and constructive relationship with our new directors.”

NS: Proxy Battle Ends With Favorable Results

The votes from Norfolk Southern’s May 9 42nd Annual Meeting Shareholders have been tabulated and the results are clear. Following a months-long proxy battle launched by activist investor Ancora Holdings Group and

Report: Activist Investor Attempting NS Takeover — Commentary Through Our Railway Age Colleagues

ATLANTA ––According to an unsubstantiated late-Jan. 31 Wall Street Journal article, an investor group led by activist Ancora Holdings Group, LLC intends to run a proxy fight and replace Norfolk Southern President and CEO Alan Shaw. Ancora has reportedly built a position in NS and would likely try to take control of the Board to enact management and operational changes. We highlighted this as the number one risk in our downgrade earlier this week. NSC was up ~5% after hours. Story by Jason Seidl, Matt Elkott, Elliot Alper and Uday Khanapurkar, TD Cowen