NORFOLK, Va. — On the verge of its 20th anniversary, Norfolk Southern will enter its third decade with an improved transportation network primed for an economic rebound, said David Goode, chairman, president and chief executive officer, as the company held its 20th annual meeting of shareholders in Chicago.
According to a company press release, Goode outlined improvements achieved during 2001 in operations, customer service, productivity and financial performance. “We now have a robust transportation infrastructure for improving our traditional business and for continuing to move new traffic from the highway to the railway. As the economy recovers and traffic increases, we will handle the volume efficiently.”
Norfolk Southern marks its 20th anniversary June 1. “I can report to you with assurance that your company is strong today and has the network, resources and talent — all the tools — to continue making its mark in the transportation marketplace as it enters a third decade and beyond,” Goode said.
In official business, stockholders re-elected four directors: Gerald L. Baliles of Richmond, Va., a partner in the law firm of Hunton & Williams and former governor of Virginia; Gene R. Carter of Alexandria, Va., executive director and chief executive officer of the Association for Supervision and Curriculum Development; Steven F. Leer of St. Louis, Mo., president and chief executive officer of Arch Coal, Inc.; and J. Paul Reason of Norfolk, Va., president and chief operating officer of Metro Machine Corp. and retired four- star admiral and former commander in chief of the U.S. Atlantic Fleet.
Stockholders ratified the appointment of KPMG LLP as auditors and approved a stockholder proposal recommending that in the future, the board obtain stockholder approval of certain severance packages with senior management.
Norfolk Southern Corporation is a Virginia-based holding company with headquarters in Norfolk. It owns a major freight railroad, Norfolk Southern Railway Company, which operates approximately 21,500 miles of road in 22 states, the District of Columbia and the province of Ontario.