Norfolk Southern Corporation (NYSE: NSC) has announced the addition of a new independent director to its board, as part of a cooperation agreement with Ancora Holdings Group, LLC. This move comes after the company reported strong third quarter 2024 results, showing progress in key operational metrics. The addition of the new director is expected to enhance the board’s gender diversity and executive leadership experience, expanding Norfolk Southern’s board to 14 members, including 13 independent members.
In the third quarter of 2024, Norfolk Southern drove productivity, grew volumes, and delivered notable margin improvement. The company's strategy aims to unlock the full value of the business for shareholders, customers, communities, and employees.
Ancora Holdings Group, LLC, expressed support for the company's direction, highlighting board refreshment, management enhancements, and new leadership’s efforts to establish a disciplined and operationally led network. As part of the cooperation agreement, Ancora has agreed to withdraw its nomination of four director candidates for election at the Norfolk Southern 2025 annual meeting of shareholders and to vote in accordance with the board’s recommendations.
Moreover, Norfolk Southern is committed to sustainability and helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. The company’s dedicated team members deliver more than 7 million carloads annually, serving a majority of the country’s population and manufacturing base.
The full cooperation agreement will be filed on a form 8-K with the Securities and Exchange Commission. For further details, visit www.norfolksouthern.com. Today the company's shares have moved -1.7% to a price of $264.76. For more information, read the company's full 8-K submission here.
