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Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign
Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk
Activist investor Ancora received a powerful endorsement in its efforts to secure a board change and to oust Norfolk Southern CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees. "We believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company's current leadership," Glass Lewis said in its report. Furthermore, Glass Lewis said Barber, Ancora's pick for CEO, and Jamie Boychuk, the activist's pick for COO, "have compelling credentials and track records." Ancora also seeks to install former CSX executive Boychuk as Barber's chief operating officer. Their support, coupled with Glass Lewis' endorsement, gives the activist powerful ammunition as it seeks to convince shareholders.
Persons: Ancora, Alan Shaw, Glass Lewis, Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, Shaw, Amy Miles, Barber, Ancora's, Jamie Boychuk, Boychuk, John Orr Organizations: Norfolk Southern, Teamster, UPS, CNBC, CSX, Canadian National, CN, NSC, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, Norfolk
XPO Logistics Appoints CFO, Assembles Board
  + stars: | 2022-10-10 | by ( Kathryn Hardison | ) www.wsj.com   time to read: +1 min
XPO Logistics Inc. has assembled its board of directors and appointed a chief financial officer as it proceeds with plans to spin off its tech-enabled brokered transportation platform. Brad Jacobs will serve as executive chairman, and Johnny C. Taylor Jr., Allison Landry, Jason Aiken and Michael Jesselson will remain as directors, the company said. Three additional directors were named to the board: Bella Allaire, the executive vice president of technology and operations with Raymond James Financial; Mario Harik, future chief executive officer of XPO following the spinoff; and Irene Moshouris, the senior vice president and treasurer of United Rentals. XPO Logistics appointed Carl Anderson as its chief financial officer. Mr. Anderson most recently served as CFO of Meritor Inc., a global supplier of OEM and aftermarket parts for commercial vehicle and industrial markets, XPO Logistics said.
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