Norfolk Southern's best is still to come, CEO Moorman tells stockholders
NORFOLK, Va., May 9, 2013
NORFOLK, Va., May 9, 2013 /PRNewswire/ -- Norfolk Southern Corporation (NYSE:
NSC) has made great strides over its 30-year history, posting its best-ever
performance over the past two years, "and the best is still to come," CEO Wick
Moorman told stockholders at the company's 31^st annual meeting, held today at
"Our railroad is on track to continue to do great things as we continue
emphasizing operating efficiency and productivity," Moorman said. "I'm excited
and optimistic about our company's future."
Moorman noted that even with a downturn in coal traffic in 2012, Norfolk
Southern still recorded its second-best year for revenue, operating income,
net income, and earnings per share – topped only by 2011.
Moorman said the company's public-private partnership investments in strategic
rail corridors position intermodal business as a major competitive strength.
New intermodal facilities opened over the past two years "help us build
business, while creating jobs in communities and strengthening local
He praised the skill of employees and their efforts to sustain Norfolk
Southern's industry leadership in safety, service, and environmental
Moorman thanked three retiring directors for their longstanding distinguished
service to the corporation: Jerry Baliles, director of the Miller Center of
Public Affairs at the University of Virginia and former governor of Virginia;
Pete Correll, chairman of Atlanta Equity Investors and former chairman of
Georgia Pacific Corporation; and Adm. Paul Reason, former president and chief
operations officer of Metro Machine Corporation and retired four-star admiral
assigned as commander in chief U.S. Atlantic Fleet.
In official business, stockholders re-elected 12 directors for terms expiring
in 2014: Thomas D. Bell Jr., chairman of Mesa Capital Partners; Erskine B.
Bowles, senior advisor to BDT Capital Partners LLC and Carousel Capital;
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; Burton M. Joyce, former chairman of IPSCO;
Steven F. Leer, executive chairman of Arch Coal Inc.; Michael D. Lockhart,
retired chairman, president, and chief executive officer of Armstrong World
Industries Inc.; Moorman; Martin H. Nesbitt, co-founder of The Vistria Group;
and John R. Thompson, government relations consultant for Best Buy Co. Inc.
Stockholders ratified appointment of KPMG LLP as auditors, approved an
advisory resolution on the compensation of executive officers, and approved an
amendment to the company's bylaws to give stockholders the right to call a
Moorman's remarks to stockholders and a new video are posted in the Investors
section of the NS website.
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.
Connect with NS
SOURCE Norfolk Southern Corporation
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Michael Hostutler, 757-629-2861 (firstname.lastname@example.org)
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