Norfolk to add new board member in settlement with activist investor

(Reuters) – Norfolk Southern (NYSE:) said on Thursday it had agreed with activist investor Ancora Holdings to identify an independent director to join the railroad operator’s board.

Ancora has also agreed to withdraw its nomination of four candidates for election to Norfolk’s board, the company said in a statement.

Ancora, which also entered into a standstill provision, will now vote in accordance with recommendations made by Norfolk’s board to shareholders related to the company’s 2025 annual meeting.

When appointed, the new director will expand Norfolk’s board to 14 members.