ATLANTA — After the turmoil of Norfolk Southern’s proxy fight against an activist investor last month, Stefan Loeb said the shareholders’ vote showed confidence in the board’s performance.
While board chair Amy Miles lost her position, Norfolk Southern’s (NYSE: NSC) management mainly prevailed on May 9 in its battle to retain control of the Class 1 railroad, with Ancora Holdings winning only three seats on the board of directors.
“What it showed us is the strategy of a better way. The vote and...