Norfolk Southern Corp. on Wednesday defended the composition of its board of directors and did not address the fate of CEO Alan Shaw, who is the subject of an activist group’s efforts to remove him and replace him with Jim Barber, a former top UPS Inc. executive.
In a lengthy letter to shareholders, the Atlanta-based Eastern railroad (NYSE: NSC) said that it has maintained an “ongoing process” of board refreshment, noting that six directors have been appointed to the board over the past five...