Ancora calls for Norfolk Southern CEO change

Big upheaval: Antoinette Lloyd steps off a train during her conductor trainee programme at Norfolk Southern’s yard in Chicago. The company added two new board members last year and two others will step down this year at the annual shareholders’ meeting. — Reuters

NEW YORK: Activist investment firm Ancora Holdings Group has called for new management and an overhaul of the board at Norfolk Southern Corp, the railroad that’s still reeling from a costly derailment in Ohio last year.

Ancora will nominate eight directors, including former Ohio governor John Kasich and a former executive with railroad Kansas City Southern, as part of its proxy fight with Norfolk Southern, according to a statement on Tuesday.