Norfolk Southern Nominates Directors to Fend Off Activist (1)

Norfolk Southern Corp. nominated two new director candidates as the beleaguered railroad faces pressure from an activist shareholder aiming to replace the CEO and overhaul the board.

The company proposed former Delta Air Lines Inc. Chief Executive Officer Richard Anderson and onetime North Dakota senator Heidi Heitkamp join the board as part of a 13-member slate revealed Monday. Current directors Thomas Bell and Steven Leer will not stand for reelection, while Mitchell Daniels Jr. and Michael Lockhart will retire from the board after reaching the mandatory retirement age, the company said in a statement.

Norfolk is seeking to fend ...