Updated: May 9, 10 a.m. EST

By Railfan & Railroad 

After months of buildup, the battle for control of Norfolk Southern arrived on Thursday and it appears CEO Alan Shaw has won. This morning, the railroad announced it had won 10 of the 13 board seats up for grabs, including that of Shaw meaning he will remain CEO. 

For months, Shaw and NS management have been fighting off a proxy fight by Ancora Holdings, a major shareholder that was offering up its own board nominees and executive leadership team on the belief that they can squeeze more profit out of the Class I railroad. In the weeks leading up to the May 9 vote, shippers, unions, and regulators all had their say about who they believe is best fit to lead the railroad. 

At the core of Ancora’s critique of Shaw was that the CEO kept too many additional resources on hand during a traffic downturn and that he made missteps following last year’s fiery train wreck in East Palestine, Ohio. Ancora wanted former UPS chief operating officer Jim Barber in as NS’ new CEO and former CSX executive Jamie Boychuk as the new chief operating officer. Ultimately the shareholders’ group wanted NS to implement Precision Scheduled Railroading — a practice that is known to squeeze maximum profit out of railroads — at a more rapid pace.

While Ancora failed at gaining control of NS, it did gain three seats on the board of directors: William Clyburn, Jr., former commissioner and vice-chairman of the U.S. Surface Transportation Board; Sameh Fahmy, former EVP of precision scheduled railroading at Kansas City Southern; and Gilbert Lamphere, chairman of MidRail Corporation and co-founder of MidSouth Rail Corporation.

The results are considered preliminary until filed with the Securities and Exchange Commission.