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5/12/2023
Norfolk Southern Railway's response to the Feb. 3 train derailment in Ohio is an example of the company’s strategy of doing the right thing for the long term, President and CEO Alan Shaw told shareholders yesterday at their annual meeting.
The strategy — which NS execs describe as balancing service, productivity and growth to safely deliver reliable and resilient service to customers — is more relevant today than when it was announced in December 2022, Shaw and company leaders said in a press release.
"The events of the last few months have strengthened our commitment to leading the industry in rail safety," Shaw said. "Every day our company is entrusted with the responsibility of safely moving the goods and materials that drive the U.S. economy. We earn that trust by doing what we say we are going to do."
Rather than focus on cutting costs for short-term gain, a "customer-centric operations-driven service model is a better way forward for Norfolk Southern," he said.
The company will learn from the derailment in East Palestine, Ohio, said NS Chair Amy Miles.
"The entire board remains focused on driving the company forward as management continues to execute on its new strategy to deliver operational excellence and sustainable long-term value creation,” she said.
In addition to Miles and Shaw, the following were elected yesterday to one-year board terms expiring in 2024: Thomas Bell Jr., Mitchell Daniels Jr., Marcela Donadio, John Huffard Jr., Christopher Jones, Thomas Kelleher, Steven Leer, Michael Lockhart, Claude Mongeau, Jennifer Scanlon and John Thompson.