08:47 AM EDT, 04/29/2024 (MT Newswires) -- Norfolk Southern ( NSC ) activist shareholder Ancora Holdings said Monday that independent proxy advisory firm Glass Lewis has recommended that shareholders elect six of its seven board nominees at the May 9 annual shareholders meeting.

According to Ancora, Glass Lewis concluded in its report that there is a "compelling case for supporting a substantial overhaul of the company's leadership." The board nominees backed by Glass Lewis include its proposed CEO Jim Barber, Ancora said

In a statement on Monday, Norfolk Southern ( NSC ) accused Ancora entering into an unauthorized agreement offering concessions to the Brotherhood of Locomotive Engineers and Trainmen union, a division of the International Brotherhood of Teamsters.

"Ancora's actions are a blatant attempt to buy votes through backdoor deals to take control of the company," Norfolk Southern ( NSC ) said. "This desperate effort by Ancora, if successful, provides concessions to the (union) that limit operational flexibility and destroy significant value for the company."

Price: 239.69, Change: -0.25, Percent Change: -0.10