Norfolk Southern Corp., the sixth and final publicly traded Class I railroad to report second-quarter 2020 financial results, suffered through a dismal second quarter that saw major decreases across the board.
Cindy Sanborn, one of the first women to hold a senior-level executive role at a Class I railroad, will succeed the retiring Michael Wheeler as Executive Vice President and Chief Operating Officer at Norfolk Southern, effective Sept. 1, 2020.
The Port of Savannah is poised to expand service and rail capacity as the Mason Mega Rail project meets a production milestone.
John Scheib has stepped down as Executive Vice President and Chief Strategy Officer of Norfolk Southern (NS), effective June 1. In conjunction with this change, the railroad also announced several “organizational enhancements.” Functions within the Service Optimization and Customer Engagement Division, which include Strategic Planning, Network Planning and Optimization, and Customer Operations, will be integrated into the Finance, Operations, and Marketing divisions, respectively.
Norfolk Southern Corporation (NS) announced organizational changes within its Finance Division, effective June 1, 2020. Jason Zampi will become Vice President of Financial Planning and Analysis, a new department. Clyde “Jake” Allison, Jr. will become Vice President and Controller, with responsibility for all accounting functions. Chris Neikirk will become Vice President of Treasury and Investor Relations. The three will report to NS Chief Financial Officer Mark George.
At Norfolk Southern’s May 14 Annual Shareholder Meeting, held virtual-only for the first time, CEO Jim Squires expressed optimism on the railroad’s future as it deals with the COVID-19 pandemic, and resultant plummeting traffic. NS is “well-positioned to safely and successfully weather the unprecedented situation, despite economic challenges,” he said.
Norfolk Southern is idling its hump yard at Linwood Terminal due to the COVID-19 pandemic.
A $385 million “non-cash locomotive rationalization charge related to the ongoing disposition and marketing of excess locomotives not required for future operations due to the successful introduction of Precision Scheduled Railroading” is the defining number for Norfolk Southern’s 1Q2020 financials. NS Chairman, President and CEO Jim Squires said that shedding the locomotives and taking the huge financial charge in this year’s first quarter will yield an “enhanced financial position,” longer term.
Norfolk Southern Executive Vice President and Chief Strategy Officer John Scheib discusses the railroad’s response to the COVID-19 pandemic and the “can-do” culture that’s keeping the trains moving and employees safe. Podcast
Editor’s Note: The following story was posted on the BizNS area of the Norfolk Southern website. It is shared here in its entirety, with permission. We think it presents a useful example of what the rail industry is doing to protect the employees who keep the trains moving from the COVID-19 pandemic. — William C. Vantuono