Norfolk Southern names Claude Mongeau chair of the board of directors

Rhea-AI Summary

Norfolk Southern (NYSE: NSC) has appointed Claude Mongeau, former CEO of Canadian National Railway, as the independent chair of its board of directors, effective immediately. Mongeau, who has been an independent director since 2019, will head the Executive Committee and step down from other committee roles. Francesca A. DeBiase, with a background at McDonald's, will chair the Governance and Nominating Committee. Richard H. Anderson, former CEO of Delta Air Lines, will chair the Human Capital Management and Compensation Committee. These appointments aim to enhance service, network operations, and productivity.

Mongeau emphasized the importance of management accountability and shareholder engagement. DeBiase highlighted the new directors' diverse expertise and swift onboarding. Anderson focused on aligning executive compensation with shareholder interests.

Positive

• Claude Mongeau appointed as independent chair of the board, bringing over 25 years of industry experience.
• Francesca A. DeBiase appointed as chair of the Governance and Nominating Committee, enhancing board diversity.
• Richard H. Anderson appointed as chair of the Human Capital Management and Compensation Committee, focusing on shareholder engagement.
• New appointments aim to improve service, network operations, and productivity.
• Mongeau's extensive experience in operational, safety, and strategic planning enhances board leadership.
• DeBiase’s expertise in global supply chain management and sustainability adds valuable perspectives.
• Anderson's significant executive leadership experience supports Norfolk Southern's balanced strategy.

Negative

• Claude Mongeau steps down from positions on the Human Capital Management and Compensation and Safety Committees, potentially disrupting these areas.
• Rapid onboarding process for new directors may lead to initial adjustment challenges.
• Focus on executive compensation alignment might indicate previous issues with shareholder satisfaction.

Francesca A. DeBiase to serve as chair of Governance and Nominating Committee

Richard H. Anderson to serve as chair of Human Capital Management and Compensation Committee

ATLANTA, May 28, 2024 /PRNewswire/ -- Norfolk Southern Corporation's (NYSE: NSC) Board of Directors has unanimously appointed Claude Mongeau, former CEO of Canadian National Railway Company, as the independent chair of the board, effective immediately.

Mongeau will serve as chair of the Executive Committee and resign from his positions on the Human Capital Management and Compensation and Safety Committees.

In addition, Francesca A. DeBiase, former executive vice president and global chief supply chain officer of McDonald's Corporation, has been appointed as chair of the Governance and Nominating Committee and Richard H. Anderson, former CEO of Delta Air Lines, has been appointed as chair of the Human Capital Management and Compensation Committee.

The remaining committee chairs will continue in their existing positions. Additional committee membership appointments are available on our website. These appointments are also effective immediately.

Mongeau said, "During this critical time for our storied franchise, I look forward to collaborating with the board and know we all are committed to holding management accountable to deliver on our promises to shareholders. The board has appreciated the engagement with shareholders over the last few months and shares their urgency around enhancing service, improving network operations, and broad-based productivity gains to close the gap with our peers."

DeBiase said, "Norfolk Southern's new directors bring diverse expertise to our board, and we are accelerating the onboarding process so the company can immediately benefit from their valuable perspectives. We are committed to bringing fresh perspectives onto our board, ensuring we're consistently positioned to advance the strategy and deliver results."

Anderson said, "The board is taking the results of our recent Annual Meeting seriously, particularly as it relates to executive compensation. Over the coming months, the Human Capital Management and Compensation Committee will further our ongoing shareholder engagement to help ensure their interests are aligned with our executive compensation program."

More about Claude Mongeau
Claude Mongeau has served as an independent director of the Norfolk Southern Board since 2019. With more than 25 years of experience, Mongeau is an industry veteran with an extensive understanding of Norfolk Southern's operational, safety, strategic planning, and environmental initiatives, as well as the company's governmental and stakeholder relations.

From 2010 to 2016, Mongeau served as president and chief executive officer of Canadian National Railway Company (CN), a North American railroad and transportation company, where he drove a customer-centric based PSR approach. He served as a director of CN from October 2009 to June 2016. During his 22-year career at CN, he also served as executive vice president and chief financial officer, and vice president strategic and financial planning.

More about Francesca A. DeBiase
Francesca A. DeBiase has served as an independent director of the Norfolk Southern Board since 2023. She is a seasoned supply chain, sustainability, and finance executive, with more than 30 years of global supply chain expertise across restaurant, food, toys, packaging, logistics, construction, real estate, and marketing services.

From 2020 to 2022, DeBiase served as executive vice president and global chief supply chain officer of McDonald's Corporation. From 2018 to 2020, she served as chief sustainability officer, where she was a champion for sustainability across the McDonald's system, working with leaders to embed social and environmental goals into long-term plans to drive meaningful, industry-wide change. DeBiase led the revitalization of McDonald's sustainability vision under the platform of Scale for Good. Prior to that role, she held various accounting, finance, and supply chain positions at McDonald's. DeBiase began her career at Ernst & Young as an auditor in the retail and consumer products practice.

More about Richard H. Anderson
Richard H. Anderson was elected as an independent director of the Norfolk Southern Board in 2024. During his career, he has navigated companies through transformative and key strategic changes, including formative mergers and acquisitions, post-bankruptcy recovery, and a major recession.

From 2017 to 2020, Anderson served as president and chief executive officer of Amtrak. From 2007 to 2016, he served as chief executive officer of Delta Air Lines. His significant executive leadership experience and expertise in the railroad and transportation industries allow him to provide meaningful oversight and practical advice on sector issues such as operations, safety, strategic planning, labor relations, logistics, and government and stakeholder relations, which support Norfolk Southern's balanced strategy.

About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and Norfolk Southern originates more automotive traffic than any other Class I Railroad. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

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SOURCE Norfolk Southern Corporation

FAQ

Who is the new chair of Norfolk Southern's board?

Claude Mongeau has been appointed as the independent chair of Norfolk Southern's board, effective immediately.

What roles will Claude Mongeau assume at Norfolk Southern?

Claude Mongeau will chair the Executive Committee and resign from the Human Capital Management and Compensation and Safety Committees.

Who is the new chair of Norfolk Southern's Governance and Nominating Committee?

Francesca A. DeBiase has been appointed as the chair of Norfolk Southern's Governance and Nominating Committee.

Who will chair Norfolk Southern's Human Capital Management and Compensation Committee?

Richard H. Anderson has been appointed as the chair of Norfolk Southern's Human Capital Management and Compensation Committee.

What are the immediate goals of the new appointments at Norfolk Southern?

The new appointments aim to enhance service, improve network operations, and achieve productivity gains.

What is Claude Mongeau's background?

Claude Mongeau is the former CEO of Canadian National Railway with over 25 years of industry experience.

What expertise does Francesca A. DeBiase bring to Norfolk Southern's board?

Francesca A. DeBiase brings over 30 years of global supply chain management and sustainability expertise.

What is Richard H. Anderson's experience?

Richard H. Anderson is the former CEO of Delta Air Lines with significant executive leadership experience.