Norfolk Southern CEO tells shareholders he’s confident of long-term strengths and success
WILLIAMSBURG,
Va., May 14, 2015 -- Addressing his last
annual meeting as Norfolk Southern’s CEO, Wick Moorman told shareholders that
“we see continuing strength in the overall economy as well as opportunities in
many of the markets we serve,” and, “We are confident in our company’s long-term
strengths and prospects for continued success.”
President Jim Squires becomes CEO
June 1, and Moorman will remain as executive chairman of the board. Moorman
reviewed company highlights of 2014, which included earning record income,
revenues, and earnings per share while establishing its best-ever operating
ratio, a key indicator of operating performance. These accomplishments were
especially significant, Moorman said, considering 2014’s extreme winter weather
and traffic surges that exceeded expectations, which created service
challenges.
He delivered an upbeat message to
customers and stockholders. “We expect to reach the strong velocity and service
levels we saw in 2012 and 2013 by the second half of this year,” Moorman said.
“As we restore our network’s velocity and efficiency, we will be able to secure
additional business at rates that will drive positive returns for our
shareholders.”
In official business, stockholders
re-elected 13 directors for terms expiring in 2016: Thomas D. Bell Jr., chairman
of Mesa Capital Partners; Erskine B. Bowles, senior advisor and vice chairman of
BDT Capital Partners LLC; Robert A. Bradway, chairman and chief executive
officer of Amgen Inc.; Wesley G. Bush, chairman, president, and chief executive
officer of Northrop Grumman Corporation; Daniel A. Carp, chairman of Delta Air
Lines Inc.; Karen N. Horn, a partner with Brock Capital Group; Steven F. Leer,
senior adviser to Arch Coal Inc.; Michael D. Lockhart, retired chairman,
president, and chief executive officer of Armstrong World Industries Inc.; Amy
E. Miles, chief executive officer of Regal Entertainment Group; Moorman; Martin
H. Nesbitt, co-founder of The Vistria Group; Squires; and John R. Thompson,
government relations consultant for Best Buy Co. Inc.
Stockholders ratified appointment
of KPMG LLP as auditors and approved an advisory resolution on the compensation
of executive officers, an executive management incentive plan and a long-term
incentive plan.
Moorman's remarks and a new video
are posted in the Investor Relations section of the Norfolk Southern website.
About
Norfolk Southern
Norfolk Southern
Corporation
(NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk
Southern Railway Company subsidiary operates approximately 20,000
route
miles
in 22 states and the District of Columbia, serves every major container port in
the eastern United States, and provides efficient connections to other rail
carriers. Norfolk Southern operates the most extensive intermodal network in the
East and is a major transporter of coal, automotive, and industrial
products.
Media
Inquiries:
Frank Brown, 757-629-2710 (fsbrown@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (InvestorRelations@nscorp.com)
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