Glass Lewis backs six of Ancora's nominees for Norfolk Southern board [Reuters]
Norfolk Southern Corporation (NSC)
Last norfolk southern corporation earnings: 4/29 08:00 am
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Source: Reuters
Holdings' nominees for board seats at the railroad company, including proposed CEO Jim Barber, in a big win for the activist investor. In a report dated April 28, Glass Lewis backed six out of Ancora's seven nominees and said Ancora had presented a compelling case for a management overhaul at Norfolk, adding the company has been "consistently worse than its peers for an extended period". Glass Lewis' backing comes days ahead of Norfolk's May 9 annual general meeting, where shareholders will vote on proposals including board composition and management pay. Ancora, which has said it owns a large equity stake in Norfolk, on Monday noted Glass Lewis' recommendation and analysis. Norfolk did not immediately respond to a request for comment. The investor is seeking to replace Norfolk CEO Alan Shaw with Barber, a former United Parcel Service executive. Glass Lewis said Barber had "compelling credentials" and recommended shareholders withhold support from Shaw. Norfolk has rejecte
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