Ancora Holdings Criticizes Norfolk Board's Judgement Regarding COO Appointment

(RTTNews) - Ancora Holdings LLC, a major stake owner of Norfolk Southern Corp. (NSC), Friday criticized the railroad company's recent appointment of John Orr as chief operating officer.

In a letter addressed to Norfolk's shareholders, Ancora raised concerns regarding the Board's poor judgement for not aggressively searching for a candidate with experience.

The letter also stated that Norfolk's Board didn't consider Ancora's proposed candidate, Jamie Boychuk, for the COO position.

Ancora further predicted in the letter that Norfolk had spent over $84 million to secure Orr, who has been accused of abusive behavior and serious misconduct in the workplace, according to legal filings found by the investment firm.

Ancora concluded the letter by saying that it would hold the Board accountable at the upcoming annual meeting, and would settle if the Board agrees to a management change.

Currently, Norfolk's stock is trading at $249.84, up 0.54 percent on the New York Stock Exchange.