Norfolk Southern CEO shares customer-centric and operations-driven vision with shareholders

Rhea-AI Summary

At the annual meeting on May 12, 2022, Norfolk Southern's CEO, Alan H. Shaw, emphasized a customer-centric and operations-driven approach to enhance long-term shareholder value. Key initiatives include improving service quality and accelerating the new TOP|SPG operating plan. Shaw aims to facilitate easier transactions for customers while prioritizing safety and reliability in operations. Shareholders elected Amy E. Miles as independent Chair of the Board and approved KPMG LLP as independent auditors for 2022. A recording of the meeting will be available on the company website.

Positive

• Focus on customer-centric strategies to enhance service quality.
• Acceleration of TOP|SPG operating plan indicates operational improvements.
• Elected independent Chair of the Board may enhance governance.

Negative

• None.

ATLANTA, May 12, 2022 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) will deliver long-term value to shareholders by becoming more customer-centric and operations-driven, President and CEO Alan H. Shaw said at the company's annual meeting Thursday. 

"My first priority, and the top priority of every member of the Norfolk Southern team, is to restore service to the quality our customers expect and deserve. We have a great team and we're taking the right steps: accelerating our new TOP|SPG operating plan and hiring the conductors we need to execute the plan reliably," said Shaw.   

"Being customer-centric … means making it easier for our customers to do business with Norfolk Southern and delivering innovative solutions to help them compete and grow.

"Complementing our commitment to customer centricity is our focus on being operations-driven, which means that our success depends entirely on our ability to run a safe, reliable, and resilient railroad. Every department at Norfolk Southern is aligned…as we serve our customers.   

"Delivering safe, reliable and resilient service with competitive pricing, helping our customers achieve their sustainability goals, and making it easier for our customers to ship by rail will enable Norfolk Southern and our partners to capitalize on market conditions that remain favorable for truck to rail conversion," said Shaw.

Shaw's full remarks are posted on the Invest in NS section of the Norfolk Southern website under Presentations. In addition, a recording of the Annual Meeting will be posted within the next week to the Invest in NS section under Annual Meeting of Shareholders.

In official business, based on preliminary results, shareholders elected Amy E. Miles, former Chair and CEO of Regal Entertainment Group Inc., to serve as independent Chair of the Board for a one-year term expiring in 2023. Additionally, based on preliminary results, shareholders elected 13 directors for one-year terms expiring in 2023:

• Thomas D. Bell, Jr., Chairman of Mesa Capital Partners
• Mitchell E. Daniels, Jr., President of Purdue University and former Governor of Indiana
• Marcela E. Donadio, former Ernst & Young Partner and Americas oil and gas sector Leader
• John C. Huffard, Jr., co-Founder of Tenable Network Security, Inc., and Tenable Holdings, Inc.
• Christopher T. Jones, former Corporate Vice President and President of the Technology Services Sector of Northrop Grumman Corporation
• Thomas C. Kelleher, Chairman of UBS and former President of Morgan Stanley
• Steven F. Leer, former Chairman and Chief Executive Officer of Arch Coal, Inc.
• Michael D. Lockhart, former Chairman, President and Chief Executive Officer of Armstrong World Industries, Inc.
• Claude Mongeau, former President and Chief Executive Officer of Canadian National Railway Company
• Jennifer F. Scanlon, President, Chief Executive Officer, and Director of UL, Inc.
• Alan H. Shaw, President and Chief Executive Officer of Norfolk Southern Corporation
• James A. Squires, former Chairman and Chief Executive Officer of Norfolk Southern Corporation
• John R. Thompson, former Senior Vice President and General Manager of Best Buy.com LLC. 

In other preliminary results, shareholders ratified the appointment of KPMG LLP as independent auditors for 2022, approved an advisory resolution on the compensation of executive officers, and rejected a shareholder proposal regarding reducing the percentage of shareholders required to call a special meeting.

About Norfolk Southern

Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and sustainable shipping solutions. The company's service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.

 

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SOURCE Norfolk Southern Corporation

FAQ

What is Norfolk Southern's vision for shareholders as shared by the CEO on May 12, 2022?

Norfolk Southern's CEO shared a vision focused on being customer-centric and operations-driven to enhance long-term shareholder value.

What operational plan is Norfolk Southern accelerating?

Norfolk Southern is accelerating its new TOP|SPG operating plan to improve service quality.

Who was elected as the independent Chair of the Board at Norfolk Southern?

Amy E. Miles was elected as the independent Chair of the Board for a one-year term.

Which independent auditors were ratified by Norfolk Southern shareholders for 2022?

KPMG LLP was ratified as independent auditors for Norfolk Southern for 2022.

When will the recording of Norfolk Southern's Annual Meeting be available?

The recording of the Annual Meeting will be posted within the next week on the Norfolk Southern website.