Ancora says three of its nominees elected to Norfolk Southern’s board

Ancora Holdings commented on the prospective outcome of Norfolk Southern Corporation’s 2024 Annual Meeting of Shareholders, stating that based on preliminary vote results, shareholders voted to elect Ancora nominees William Clyburn, Jr., Sameh Fahmy and Gilbert Lamphere to the company’s board of directors at the 2024 Annual Meeting of Shareholders. “This means that a majority of Norfolk Southern’s Board will now be comprised of directors nominated or unopposed by Ancora,” the investor stated. Frederick DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives, commented: “It’s an extremely positive development for shareholders that this campaign has driven significant changes at Norfolk Southern, including the ouster of the Board Chair, Governance Committee Chair and Compensation Committee Chair. This represents a loud and clear message to replace the Company’s unqualified CEO and reconsider its ineffective strategy, which has driven industry-worst customer delivery times, severe derailments and persistent share price underperformance. Notably, CEO Alan Shaw received what we deem a resounding vote of no confidence based on preliminary voting results that indicate he barely received support from holders of 50% of the Company’s outstanding shares. The first step toward turning around Norfolk Southern has been taken by electing Messrs. Clyburn, Fahmy and Lamphere. Given that we have no standstill agreement and a clear mandate from a critical mass of shareholders, we will continue to hold Mr. Shaw to account and push for the appointment of a qualified operator who can actually drive shareholder value. The campaign for change at this great American railroad will continue.”