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Rail News Home Rail Industry Trends

5/14/2010



Rail News: Rail Industry Trends

NS addresses outlook, board issues at annual stockholders meeting


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After performing well during the recession, Norfolk Southern Corp. gained “positive momentum for continuing success in 2010 and beyond,” said Chairman, President and Chief Executive Officer Wick Moorman during the Class I’s 28th annual stockholders meeting held yesterday in Williamsburg, Va.
 
“Overall, our first-quarter performance reflects the strength of our high-value transportation product and operating efficiency, and provides a strong platform from which to build momentum throughout the remainder of this year,” he said.
                                 
Also during the meeting, stockholders re-elected four board members: Thomas Bell Jr., chairman of SecurAmerica L.L.C.; Alston Correll, chairman of Atlanta Equity Investors L.L.C.; Landon Hilliard, a partner with Brown Brothers Harriman & Co.; and Burton Joyce, a former IPSCO chairman.
 
In addition, stockholders approved a company proposal to declassify the board, setting the stage for an annual election of all members, which will occur for the first time in 2013; ratified the appointment of KPMG L.L.P. as auditors; and approved amendments to NS’ long-term and executive management incentive plans. However, shareholders didn’t approve a stockholder proposal concerning disclosure of political corporate contributions.


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