Norfolk Southern announced an agreement Thursday with Ancora Holdings to keep the investor from launching a repeat of this year’s campaign to take control of the railroad.
Under the deal, Atlanta-based Norfolk Southern will add another independent director to its board and work to further improve its operations.
Ancora, meanwhile, agreed to drop its nominations of four new board directors to be elected at next year’s annual meeting. The Ohio-based investor won three seats on the board earlier this year, but didn’t win enough seats to make the sweeping changes, including replacing management, that it sought.
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