Norfolk Southern Stock Price, News & Analysis

Norfolk Southern (NYSE: NSC) has appointed Brian Barr as Vice President and Chief Mechanical Officer, effective September 26, 2024. Barr, who will report to Chief Operating Officer John Orr, will oversee mechanical operations across the company's 22-state network. With a 26-year career in the railroad industry, Barr joins Norfolk Southern from Union Pacific, where he served as General Manager Great Lakes Services and Senior Vice President Transportation.

Barr's extensive experience includes leadership roles at multiple Class I railroads, including positions as Chief Mechanical Officer and Senior Vice President Engineering and Mechanical at CSX. John Orr praised Barr's proven track record in prioritizing safety and efficiency. The company also acknowledged Jaime Williams' contributions as interim Chief Mechanical Officer over the past six months.

Norfolk Southern (NYSE: NSC) has appointed Jason A. Zampi as Executive Vice President, Chief Financial Officer and Treasurer, and Jason M. Morris as Senior Vice President, Chief Legal Officer and Corporate Secretary, effective immediately. Zampi, with 28 years of finance and accounting expertise, will oversee financial departments and Strategic Planning. Morris, who joined Norfolk Southern's legal department in 2010, will manage legal, government relations, corporate secretary, and compliance departments.

Zampi has 13 years of experience with Norfolk Southern, advancing through key roles in forecasting, budgeting, and corporate accounting. Morris has a background in public service, including roles in the U.S. House of Representatives and the Virginia Air National Guard. Both appointments aim to strengthen Norfolk Southern's leadership team and position the company for long-term growth.

Norfolk Southern (NYSE: NSC) has announced significant leadership changes. The Board of Directors unanimously appointed Mark R. George, previously Executive VP and CFO, as the new President and CEO, effective immediately. This decision follows the termination of Alan H. Shaw for cause, due to violations of company policies related to a consensual relationship with the Chief Legal Officer. Nabanita C. Nag, the Chief Legal Officer, has also been terminated.

The company emphasized that Shaw's departure is unrelated to Norfolk Southern's performance or financial reporting. Jason A. Zampi will serve as acting CFO, while Jason M. Morris will be the acting Corporate Secretary. Despite these changes, Norfolk Southern has reaffirmed its full-year 2024 guidance provided on July 25, 2024.

Norfolk Southern (NYSE: NSC) has announced that its Board of Directors has initiated an investigation into allegations of potential misconduct by CEO Alan Shaw. The allegations suggest behavior inconsistent with the company's Code of Ethics and policies. The Board's Audit Committee has retained a law firm to conduct an independent investigation, emphasizing the company's commitment to thorough examination of all relevant facts. Norfolk Southern maintains high standards for all team members and has resources in place for anonymous reporting of concerns, including an Ethics & Compliance Hotline. To ensure a fair process, the company and Board are refraining from further comment until the investigation concludes.

Norfolk Southern (NYSE: NSC) announced that its top executives will participate in a fireside chat at the Morgan Stanley 12th Annual Laguna Conference on Friday, September 13, 2024, at 8:10 a.m. (PDT). The presenting executives include:

• Alan H. Shaw, President and Chief Executive Officer
• Mark George, Executive Vice President and Chief Financial Officer
• John Orr, Executive Vice President and Chief Operating Officer

The presentation will be accessible via webcast and will also be posted on Norfolk Southern's website at www.norfolksouthern.com on the Investors page. This event provides an opportunity for investors and analysts to gain insights into the company's strategies and performance directly from its leadership team.

Norfolk Southern (NYSE: NSC) has reached tentative agreements with all general committees representing SMART-TD, its largest labor union. This latest agreement covers all Norfolk Southern conductors, bringing the total union workforce covered by early tentative agreements to nearly 65%. The agreements, subject to ratification, come four months before the next collective bargaining round and offer:

• A 3.5% average wage increase per year over the next five years
• More vacation earlier in careers
• Enhancements to health care benefits

Norfolk Southern has reached tentative agreements with nine of its 13 unions in the past two weeks, demonstrating a commitment to supporting and rewarding its workforce.

BNSF Railway, in partnership with Norfolk Southern (NYSE: NSC), has reached tentative five-year collective bargaining agreements with The International Brotherhood of Boilermakers (IBB) and The National Conference of Firemen and Oilers (NCFO). This comes four months before the next collective bargaining round, providing covered employees early assurances on future improvements.

The agreements include a 3.5% average annual wage increase over the next five years, more vacation time earlier in employees' careers, and enhancements to health care benefits. BNSF President & CEO Katie Farmer emphasized the importance of employee well-being and collaboration in delivering exceptional freight service.

BNSF Railway, in partnership with Norfolk Southern (NYSE: NSC), has reached tentative five-year collective bargaining agreements with The International Brotherhood of Boilermakers (IBB) and The National Conference of Firemen and Oilers (NCFO). This announcement comes four months before the next collective bargaining round, covering 17% of BNSF's union-represented workforce.

The agreements include:

• A 3.5% average annual wage increase over five years
• More vacation time earlier in employees' careers
• Enhancements to health care benefits

This move demonstrates BNSF's commitment to employee well-being and collaborative labor relations, potentially setting a new standard for future negotiations in the railroad industry.

Norfolk Southern (NYSE: NSC) has announced tentative five-year collective bargaining agreements with five additional labor unions, bringing the total to nine agreements covering approximately 55% of the company's unionized workforce. These agreements, reached four months before the next bargaining round, offer:

- 3.5% average annual wage increase over five years
- More vacation time earlier in careers
- Enhanced health care benefits

The agreements demonstrate Norfolk Southern's commitment to improving conditions for its craft railroaders. CEO Alan H. Shaw emphasized the company's dedication to supporting employees with fair compensation and benefits. Union leaders praised the proactive approach and collaborative spirit in reaching these agreements.