"Norfolk Southern Appoints New COO Amid Proxy Battle and Recent Derailment"
Norfolk Southern replaces its chief operating officer in response to pressure from activist investor firm Ancora Holdings Group, appointing John Orr as the new COO. Orr, a veteran railroad executive, joins from Canadian Pacific Kansas City and will receive a $25 million waiver of non-compete provisions. The move follows criticism of Norfolk Southern's safety and operational performance, with Ancora advocating for leadership changes to drive profitable growth. The company's annual meeting on May 9 will see shareholders vote on board members and potential CEO replacement, as Norfolk Southern contends with a 44% profit decrease and operational challenges.