Ancora-Led Group Takes Aim at Norfolk Southern, Pushes to Oust CEO Shaw.

An investor group led by Ancora Holdings has acquired a $1 billion stake in Norfolk Southern, a railroad operator, and plans to launch a proxy fight to overhaul the company's board and replace its CEO, Alan Shaw. The group has nominated a majority slate of directors, including former Ohio Gov. John Kasich, to take control of the board and make changes to boost the company's stock, which has declined in recent years. Norfolk Southern has faced challenges such as declining demand and safety concerns, and other hedge funds have also been building stakes in the company. Ancora Holdings has a track record of successful boardroom battles and has previously won board seats at other companies. [Extracted from the article]