Ancora's board seats at C.H. Robinson led to a new CEO after a firing

Roughly a year before the CEO change, Ancora Advisors reached an agreement with C.H. Robinson — the largest U.S. freight broker, valued at about $12 billion — for two board seats in return for not launching a board challenge. The settlement also created a strategic planning committee.

In January 2023 the company described CEO Bob Biesterfeld's departure as an involuntary termination; he had run the company for three and a half years after two decades there. Board chair Scott Anderson stepped in as interim CEO while a search firm looked for a permanent replacement.

In March 2023 C.H. Robinson was in advanced talks to name Jim Barber, the former UPS chief operating officer who had joined its board late the previous year, as CEO. Reuters later summarized the episode as Ancora placing two people on the board and helping push out a former CEO.

Biesterfeld was fired in January 2023 after roughly a year of Ancora board influence; former UPS COO Jim Barber became CEO in March 2023.

Ancora traded a proxy fight for two seats and a strategy committee.

The board used the runway to run a proper CEO search.

Barber's logistics operating record gave the reset immediate credibility.

Board seats give an activist a seat at the succession table; C.H. Robinson's CEO exit followed the strategic committee and director appointments Ancora secured in exchange for peace.

Barber took over as CEO as C.H. Robinson faced a softer freight market. Reuters later cited the episode as Ancora helping push out a former CEO, and the fund reused the playbook at Forward Air and Norfolk Southern.