Activist Ancora Continues to Demand Removal of Norfolk Southern CEO Following Recent Derailment

Activist investor Ancora Holdings is once again making headlines by calling for the removal of Norfolk Southern's CEO following a recent train derailment in Pennsylvania. The incident, which occurred over the weekend, resulted in one railroad car ending up partially submerged in the Lehigh River. Ancora Holdings wasted no time in demanding the immediate termination of CEO Alan Shaw and suggested a complete restructuring of the board and management team to prioritize safety.

Despite Ancora Holdings' bold move, Norfolk Southern has yet to address the investor's demands. With a significant stake in the company, Ancora Holdings has been actively advocating for changes at the top. Their proposed candidates for new leadership include Jim Barber, former COO of UPS, as the new CEO, and Jamie Boychuk, former CSX vice president of operations, as the new COO.

Despite Boychuk's existing non-compete agreement with CSX, Ancora Holdings is still pushing for his appointment. In response to pressure from Ancora Holdings, Norfolk Southern has made some changes by adding two new members to its board. The company has nominated Richard Anderson, former CEO of Amtrak and Delta Air Lines, as well as Mary Kathryn Heitkamp, former U.

S. Senator, to join the board. It remains to be seen how this new board composition will impact the ongoing power struggle between shareholders and management at Norfolk Southern.