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Ancora ousts Norfolk Southern’s Shaw

What happened?

Ancora Advisors had been pushing for changes at Norfolk Southern for months, and on Thursday, the activist investor finally got its way. The company announced that CEO James Shaw would be stepping down, and that Ancora's Greg Favor would be taking his place. Shaw had been under fire for the company’s poor safety record and its handling of the recent train derailment in Ohio.

Ancora had been pushing for Shaw's ouster since last year, when it first acquired a stake in the company. The activist investor had argued that Shaw was not doing enough to address Norfolk Southern's safety issues and that the company was lagging behind its peers in terms of profitability.

What’s next?

Shaw's departure is a major victory for Ancora, and it is likely to lead to a number of changes at Norfolk Southern. Ancora has already said that it plans to push for the company to sell off some of its non-core assets and to invest more in safety. It is also likely that Ancora will push for the company to adopt a more shareholder-friendly approach.

It is unclear what the future holds for Shaw. He has been a controversial figure in the railroad industry, and his ouster is likely to be welcomed by many. However, he is also a respected railroad executive, and he may well find another job in the industry.