Norfolk Southern Corporation shares are trading lower on Thursday after the company’s shareholders voted to retain Chief Executive Alan Shaw.

Shareholders of the freight railroad voted on whether to retain Shaw as CEO or back an activist investor’s bid for a management overhaul and board control.

Voting took place at the shareholder meeting in Atlanta on Thursday, The Wall Street Journal reported.

Ancora Holdings, the activist investor, has voiced strong critique against Norfolk’s operational and financial performance, the Journal added. 

Additionally, Ancora has condemned the company’s response to a train derailment in Ohio, pushing for the replacement of key executives and advocating for seven board seats out of 13.

“We have repeatedly stated a desire to settle for minority change of the board and an orderly CEO transition, which appears inevitable at this point given fading confidence in Mr. Shaw,” Ancora said in a statement Monday, The Wall Street Journal noted.

Despite calls for change, Norfolk Southern’s latest press release indicates that Shaw and 10 other director nominees were elected to the board, alongside three nominees proposed by Ancora Alternatives LLC. This outcome suggests a complex shareholder dynamic and ongoing tension within the company’s leadership.

Price Action: NSC shares are trading lower by 2.9% to $223.96 at last check Thursday. 

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