In May, activist investor Ancora won three board seats at the railroad operator but failed to oust CEO Alan Shaw.
Norfolk Southern said late Sunday it has opened an investigation into allegations of potential misconduct by Chief Executive Alan Shaw.
The company said that its audit committee is working with a law firm “to conduct an independent investigation of the allegations.”CNBC had first reported that CEO Alan Shaw engaged in an inappropriate workplace relationship. Above, Shaw testifying before the Senate last year.
Ancora had proposed investors push Alan Shaw off the board and elect Jim Barber, a former chief operating officer at UPS, so that he could eventually replace Shaw as CEO. They also proposed Jamie Boychuk to become the chief operating officer.The hedge fund argued new blood was needed to improve financial and operational metrics and said it would continue to hold the company accountable for any
In May, activist investor Ancora won three board seats at the railroad operator but failed to oust the railway’s chief executive.The Atlanta-based company reported operating revenue of $3 billion in the second quarter, up 2% from last year, narrowly missing analysts’ estimates of $3.04 billion.
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