Activist Falls Short in Battle to Take Down Norfolk’s CEO (1)

Norfolk Southern Corp. investors backed a majority of its board nominees, a win for Chief Executive Officer Alan Shaw in a bitter fight with an activist intent on throwing out the railroad’s leaders.

Shaw was among the 10 company-backed director candidates appointed Thursday in a closely watched shareholder vote. Activist investor Ancora Holdings Group came away with a partial victory as it placed three of its nominees on the board.

The results, which still must be certified, mark the culmination of a campaign that had become increasingly acrimonious in recent months, with Ancora accusing Shaw of poor decision-making that led ...