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Search resuls for: "Alan Shaw"


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☆ Cramer gets a closer look at the railroads with Norfolk Southern CEO Alan Shaw
  + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Cramer gets a closer look at the railroads with Norfolk Southern CEO Alan Shaw'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings, the company's push for higher efficiency, and more.
Persons: Cramer, Alan Shaw, Jim Cramer Organizations: Norfolk Southern, Ancora Holdings
☆ Norfolk Southern CEO says activist investor's responses to settlement are 'unreasonable'
  + stars: | 2024-03-27 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Norfolk Southern CEO Alan Shaw denounced Ancora Holdings, the activist investor currently engaged in a proxy fight with the railroad company's board, during an interview with CNBC's Jim Cramer on Wednesday. "We've gone to the activist, and we've offered a settlement — their responses have been unreasonable at the determination of our board," he said. Norfolk Southern faced criticism over the past year after one of its freight trains derailed in East Palestine, Ohio in February 2023 and released toxic chemicals into the soil, water and air. Based in Cleveland, Ohio, 90 minutes from East Palestine, Ancora challenged Norfolk Southern in February, aiming to add eight directors to the board and oust Shaw as CEO. "We enhanced safety, we're making it right in East Palestine," Shaw said.
Persons: Alan Shaw, Ancora, CNBC's Jim Cramer, We've, we've, Shaw, he's Organizations: Norfolk Southern, Ancora Holdings, Norfolk, Regulators Locations: East Palestine , Ohio, Cleveland , Ohio, East Palestine, Norfolk
☆ Norfolk Southern CEO: We have offered board seats to activist investor
  + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern CEO: We have offered board seats to activist investor'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings.
Persons: Jim Cramer, Alan Shaw Organizations: Norfolk Southern, Ancora Holdings
☆ After Ohio Train Derailment, Tank Cars Didn't Need to Be Blown Open to Release Chemical, NTSB Says
  + stars: | 2024-03-06 | by ( Associated Press | March | At P.M. | ) www.usnews.com   time to read: +6 min
The decision to blow open five tank cars and burn the toxic chemical inside them after a freight train derailed in Eastern Ohio last year wasn't justified, the head of the National Transportation Safety Board told Congress Wednesday. “There was another option: let it cool down.”However, that information was never relayed to Ohio Gov. But the agency won't release its final report on what caused the Feb. 3, 2023, derailment until it holds another hearing this June. "The successful controlled release prevented a potentially catastrophic uncontrolled explosion.”Krissy Ferguson, 49, has not been able to return home since the derailment. The NTSB has said that it appears an overheating bearing on one of the railcars caused the derailment.
Persons: wasn't, Jennifer Homendy, ” Homendy, Mike DeWine, Dan Tierney, ” Tierney, “ Nobody, Keith Drabick, Homendy, Oxy, Drew McCarty, Republican Sen, JD Vance, Drabick, “, Vance, Norfolk, ” Krissy Ferguson, ” Misti Allison, ” Allison, ”, Alan Shaw, Patrick Orsagos Organizations: National Transportation Safety, Norfolk Southern, “, Ohio Gov, Palestine Fire, Professional Services, Republican, NTSB, Associated Press Locations: Eastern Ohio, East Palestine , Ohio, East Palestine, Columbus , Ohio
☆ Norfolk Southern proxy fight draws heavyweight politicians and regulatory scrutiny a year after derailment
  + stars: | 2024-02-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +12 min
Norfolk Southern' has underperformed both its peers and the broader market over the last year. Norfolk Southern responded on Monday, rejecting that slate and announcing it would nominate former Amtrak CEO Richard Anderson and former U.S. For Ancora, which has a successful track record as an activist investor, the proxy fight at Norfolk Southern would be its largest ever. EdgePoint controlled 3.4 million Norfolk Southern shares as of Dec. 31, or about 1.5% of shares outstanding. Norfolk Southern has yet to set a date for the annual shareholder meeting.
Persons: Alan Shaw, Norfolk Southern Scott Mlyn, John Kasich, Donald Trump, Ancora, Shaw, Jim Barber, Jamie Boychuk, Richard Anderson, North Dakota Heidi Heitkamp, Heitkamp, Anderson, Frank Blake, Matt Freed, Joe Biden, Biden, Trump, it's, there's, Ancora's, Hunter Harrison, Norfolk Southern, Martin Oberman, Oberman, Amit Bose, Bose, Jim Chadwick, Chadwick, Ancora beneficially, Barber, Boychuk, Harrison, Mandel Ngan, Ancora's Chadwick, Amy Miles, Miles, Claude Mongeau, CNBC's Leslie Picker, Heidi Heitkamp Organizations: Norfolk Southern, CNBC, Norfolk, Ancora Advisors, EdgePoint Investment Group, Republican, Amtrak, Delta Airlines, Cargill, Home Depot, U.S, Energy, Workers, East, Trump, Biden, Southern, PSR, Federal Railroad Administration, Surface Transportation, Federal, UPS, Teamsters, Canadian, . Norfolk Southern, CSX, Deutsche Bank, AFP, Getty Locations: Norfolk Southern, East Palestine , Ohio, Ohio, Norfolk, North Dakota, Medtronic, East Palestine, Cleveland, Ancora
☆ Norfolk Southern CEO received 37% raise following derailment
  + stars: | 2024-02-26 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN —Norfolk Southern CEO Alan Shaw received a 37% increase in compensation last year, even after the company’s railroad was involved in a financially and ecologically disastrous derailment in East Palestine, Ohio. Shaw received $13.4 million in total compensation in 2023, up from $9.8 million in 2022. His base salary rose $200,000 to $1.1 million, and his stock and option awards rose $2.2 million to $10 million. Shares of Norfolk Southern (NSC) fell 22% in the two months following the accident, but the stock has since recovered most of its value, and its current share price is slightly above its pre-derailment level. The opposition investor group said the company’s new slate of board members won’t stop it from pushing its slate of eight candidates.
Persons: Alan Shaw, Shaw, Shaw’s, “, Jim Barber Jr, Richard H, Anderson, Mary Kathryn “ Heidi ” Heitkamp, “ Mr, ” Organizations: New, New York CNN, Norfolk, Norfolk Southern, of Locomotive Engineers, Ancora Holdings, CNN, UPS, Amtrak, Delta Air Lines Locations: New York, Norfolk Southern, East Palestine , Ohio, Ohio, East Palestine, Norfolk, ” Norfolk Southern, North Dakota
☆ Stocks making the biggest moves premarket: Nvidia, SolarEdge, Teladoc, Palo Alto Networks and more
  + stars: | 2024-02-21 | by ( Lisa Kailai Han | ) www.cnbc.com   time to read: +4 min
SolarEdge Technologies — Shares dropped more than 20% after the company posted mixed quarterly results. However, revenue guidance for the first quarter was well below analyst expectations . Teladoc — Shares dropped 20% the morning after the online health-care company posted worse-than-expected revenue and guidance. The company posted a loss of 17 cents per share, smaller than the 21-cent figure anticipated by analysts surveyed. Palo Alto Networks topped earnings and revenue expectations for the recent quarter, but said it anticipates slower growth for the full year.
Persons: Teladoc, RingCentral, LSEG, Brandon Oglenski, Alan Shaw, HSBC's, Noel Quinn, Wingstop, — CNBC's Michelle Fox, Alexander Harring, Fred Imbert, Sarah Min, Jesse Pound, Samantha Subin Organizations: Nvidia, SolarEdge, LSEG, Palo Alto Networks, Alto Networks, Toll, JPMorgan, Norfolk Southern, Barclays, Amazon, Dow Jones, Walgreens, Alliance, HSBC —, Wall Street, FactSet Locations: Palo, billings
☆ Stocks making the biggest moves midday: Nvidia, SolarEdge, Teladoc, Wingstop and more
  + stars: | 2024-02-21 | by ( Alex Harring | ) www.cnbc.com   time to read: +4 min
First-quarter revenue is expected to be $175 million to $215 million, far below the $406 million forecast. Teladoc posted $661 million in revenue, below the $671 million consensus forecast from LSEG, formerly known as Refinitiv. Wingstop — The restaurant chain slipped 4% despite reporting fourth-quarter earnings and revenue that topped analysts' estimates. However, total revenue growth came down for the fourth consecutive quarter. Wix.com reported fourth-quarter earnings of $1.22 per share, more than the consensus estimate from StreetAccount of earnings of 96 cents per share.
Persons: SolarEdge, Teladoc, Alan Shaw, —, Dow, Wingstop, Wix.com, CNBC's Hakyung Kim, Michelle Fox, Lisa Kailai Han, Jesse Pound, Samantha Subin, Yun Li, Sarah Min Organizations: Nvidia, Wall, Palo Alto Networks, Toll, Norfolk Southern, Barclays, Walgreen Boots, Dow Jones, Walgreens, Alliance, Dow Jones Industrial, Walgreens Boots Alliance, HSBC —, HSBC, Bank of Communications, Garmin —, Garmin Locations: Palo, billings, LSEG, U.S, China
☆ Wednesday's analyst calls: Barclays upgrades this railroad stock, fast food downgrade
  + stars: | 2024-02-21 | by ( Brian Evans Fred Imbert | Brian Evans | Fred Imbert | ) www.cnbc.com   time to read: +6 min
A railroad stock and a fast food giant were in focus Wednesday among early analyst calls. Barclays raised its rating on Norfolk Southern to a buy-equivalent rating, and his new price target calls for about 20% upside. The firm downgraded the retailer to reduce from hold and maintained a $323 per share price target. — Brian Evans 5:44 a.m.: Barclays upgrades Norfolk Southern Norfolk Southern could see a shake-up to its leadership, and Barclays thinks these changes could lead to strong gains for the stock. He also hiked his price price target to $305 from $255.
Persons: SolarEdge's, Morgan Stanley, Andrew Percoco, Goldman Sachs, Brian Lee, SEDG, Vikram Bagri said.Bagri, — Brian Evans, Piper Sandler, Piper Sandler's, Rob D, Owens, Brian Evans, Daniela Bretthauer, John Ivankoe, Brandon Oglenski, Ancora, It's, Alan Shaw, Oglenski, Fred Imbert Organizations: CNBC, Barclays, Norfolk, JPMorgan, Palo Alto Networks, billings, Palo Alto, HSBC downgrades Home, Depot, HSBC, Home Depot, JPMorgan downgrades, Norfolk Southern, NSC Locations: Wendy's, Norfolk Southern Norfolk Southern, Norfolk Southern, Norfolk
☆ Biden's visit to site of Ohio train derailment comes more than a year after toxic disaster
  + stars: | 2024-02-16 | by ( Gabe Gutierrez | Bianca Seward | Zoë Richards | ) www.cnbc.com   time to read: +4 min
A day after Trump's visit last year, Transportation Secretary Pete Buttigieg went to East Palestine. But soon after the East Palestine derailment, some local officials began to criticize the Biden administration for the lack of a presidential visit. Biden issued an executive order requiring Norfolk Southern to pay for any long-term cleanup efforts. At a White House briefing this week, press secretary Karine Jean-Pierre said Biden was traveling to East Palestine at the mayor's invitation. Deeter, a member of a local advocacy group, River Valley Organizing, hopes Biden's visit is more than a photo-op.
Persons: Joe Biden, Biden, Donald Trump, Trump, Trump's, Pete Buttigieg, Trent Conaway, Karine Jean, Pierre, Conaway, Jean, Pierre said, Alan Shaw, Timothea Deeter, Biden's, we've, He's Organizations: Republican, Democratic, Transportation, White, Norfolk Southern, Railway Safety, Commerce, Science, Environmental Protection Agency Locations: East Palestine , Ohio, East Palestine, Palestine, Southern
☆ Norfolk Southern's Fourth-Quarter Profit Falls 33% as Ohio Derailment Costs Continue to Grow
  + stars: | 2024-01-26 | by ( Associated Press | Jan. | At A.M. | ) www.usnews.com   time to read: +2 min
The Atlanta-based railroad said it earned $527 million, or $2.32 per share, during the quarter. Without the $150 million in additional derailment costs, Norfolk Southern would have made $677 million, or $2.83 per share. The analysts surveyed by FactSet Research predicted that Norfolk Southern would make $2.86 per share, so the results fell just short of that. Norfolk Southern has now received $101 million of insurance payments. “The fourth quarter marked the end of a challenging, yet transformational year for Norfolk Southern,” Shaw said.
Persons: haven't, Alan Shaw, he’s, “, ” Shaw, FactSet Organizations: Norfolk, FactSet Research, Norfolk Southern Locations: Ohio, Atlanta, Norfolk Southern, East Palestine, Pennsylvania
☆ Norfolk Southern Investing in More Automated Inspection Systems on Its Railroad to Improve Safety
  + stars: | 2023-10-26 | by ( Associated Press | Oct. | At P.M. | ) www.usnews.com   time to read: +3 min
The new portals, equipped with high-speed cameras, will take hundreds of pictures of every passing locomotive and rail car. Unlike previous versions, these new inspection portals will be able to capture all sides of a train that passes through them with well-lit images. University of Delaware professor Allan Zarembski, who leads the Railroad Engineering and Safety Program there, said it's significant that Norfolk Southern is investing in so many of the portals. The Atlanta-based railroad didn't say how much it is investing in the technology it worked with Georgia Tech to develop. That crash put the spotlight on railroad safety nationwide and prompted calls for reforms.
Persons: carmen, Allan Zarembski, David Clarke, ” Clarke, “, Norfolk, We’re, John Fleps, Alan Shaw's Organizations: Norfolk Southern, Rail, University of Delaware, Railroad Engineering, Safety, CSX, University of Tennessee’s Center for Transportation Research, Georgia Tech Locations: OMAHA, Neb, Norfolk, Ohio, Leetonia , Ohio, East Palestine, Atlanta, Palestine
☆ Derailment Costs Grow for Norfolk Southern but Railroad's Trains Moving More Smoothly
  + stars: | 2023-10-25 | by ( Associated Press | Oct. | At A.M. | ) www.usnews.com   time to read: +3 min
The results were hurt by the derailment costs, a drop in its fuel surcharge revenue and flat volume. Without the derailment costs, the railroad would have made $601 million, or $2.65 per share. The analysts surveyed by FactSet Research expected Norfolk Southern to report earnings per share of $2.64, on average. Norfolk Southern officials said their volume has improved over the past month to reach levels they haven't seen since the second quarter of 2022. Norfolk Southern is one of the nation's largest railroads operating in the Eastern United States.
Persons: Alan Shaw, “, That's, Edward Jones, Jeff Windau Organizations: Norfolk, Norfolk Southern, FactSet Research, Eastern Locations: OMAHA, Neb, East Palestine, Norfolk Southern, Ohio, Atlanta, Norfolk, Eastern United States
☆ Norfolk Southern Announces Details of Plan to Pay for Lost Home Values Because of Ohio Derailment
  + stars: | 2023-09-18 | by ( Associated Press | Sept. | At P.M. | ) www.usnews.com   time to read: +4 min
Norfolk Southern announced new details Monday about its plan to compensate East Palestine residents for lost home values since the fiery derailment disrupted life in the eastern Ohio town in February. Already, the railroad estimates that the cleanup will cost more than $800 million, which includes $74 million that Norfolk Southern has pledged to East Palestine to help the town recover. “This is another step in fulfilling our promise to East Palestine to make it right. “I intend to keep the pressure on Norfolk Southern to make things right for the community,” he said. Senators who proposed a package of railroad safety reforms after the derailment that is still awaiting a vote, said he remains skeptical of Norfolk Southern.
Persons: it's, ”, Alan Shaw, Texas Sen, Ted Cruz, JD Vance, Vance, “, Jami Wallace, hasn't, ” Wallace, Wallace, It’s Organizations: Norfolk Southern, Ohio Attorney, Republican, Norfolk, U.S, Senators, Unity Council Locations: Palestine, Ohio, East Palestine, Norfolk Southern, Texas
☆ Norfolk Southern CEO Promises to Keep Improving Safety on the Railroad Based on Consultant's Report
  + stars: | 2023-09-15 | by ( Associated Press | Sept. | At P.M. | ) www.usnews.com   time to read: +4 min
(AP) — Norfolk Southern's CEO pledged to continue working to improve safety after consultant the railroad hired following the fiery Ohio derailment recommended making sure that safety is truly a priority at all levels and continuing many efforts it has already begun. And that is exactly what we are doing.”A previous report from the Federal Railroad Administration said that Norfolk Southern had too often been content to do only the minimum required to ensure safety. Shaw said this report is just one of the initial steps to improve safety on the railroad and Atkins will continue to recommend improvements over the next couple years. The consultant recommended that the railroad continue to work with labor leaders to find additional ways to improve safety. While working to improve safety, Norfolk Southern also pledged to make improvements to more than 70 of its facilities across 22 states in the eastern United States as part of an effort to improve morale.
Persons: Alan Shaw, Atkins, “, ” Shaw, ”, Shaw, he's Organizations: Norfolk, Atkins Nuclear, Federal Railroad Administration, Southern, Federal Railroad, Norfolk Southern Locations: OMAHA, Neb, East Palestine , Ohio, Pennsylvania, East Palestine, Norfolk Southern, United States
☆ Norfolk Southern CEO on Ohio derailment: 'we’re making promises, and we’re keeping promises'
  + stars: | 2023-08-15 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Norfolk Southern CEO Alan Shaw told CNBC's Jim Cramer that safety is a priority for the railroad and transportation company. "I'm proud of the response in East Palestine, we're making promises, and we're keeping promises," Shaw said. Norfolk Southern was down a little over 3% by Tuesday's close. Findings from the National Transportation Safety Board investigation suggested that supervisors didn't address an engineer's concerns before the accident. Norfolk Southern incurred $800 million in environmental and legal costs as a result of the derailment, according to the company's most recent earnings call.
Persons: Alan Shaw, CNBC's Jim Cramer, Shaw, we're, Tuesday's, didn't, Atkins Organizations: Norfolk Southern, National Transportation Safety Board, Atkins Nuclear, Navy, Norfolk Locations: East Palestine, Norfolk Southern, Ohio, Norfolk, U.S
☆ 'It was really important we made progress' on Ohio train derailment, says Norfolk Southern CEO Shaw
  + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'It was really important we made progress' on Ohio train derailment, says Norfolk Southern CEO ShawNorfolk Southern CEO Alan Shaw sits down with 'Mad Money' host Jim Cramer to talk the Ohio train derailment, the stock's behavior, quarterly earnings and more.
Persons: Shaw, Alan Shaw, Jim Cramer Organizations: Norfolk Southern, Shaw Norfolk Locations: Ohio, Shaw Norfolk Southern
☆ Norfolk Southern CEO Alan Shaw sits down with Jim Cramer
  + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Norfolk Southern CEO Alan Shaw sits down with Jim CramerNorfolk Southern CEO Alan Shaw sits down with 'Mad Money' host Jim Cramer to talk the Ohio train derailment, the stock's behavior, quarterly earnings and more.
Persons: Alan Shaw, Jim Cramer Norfolk, Jim Cramer Organizations: Norfolk Southern, Jim Cramer Norfolk Southern Locations: Ohio
☆ US agency says Norfolk Southern needs 'significant improvements'
  + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com   time to read: +3 min
A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. REUTERS/Jonathan Drake/File PhotoWASHINGTON, Aug 9 (Reuters) - U.S. railroad regulators on Wednesday said Norfolk Southern needs "significant improvements" in its safety culture after a Feb. 3 derailment in Ohio caused cars carrying toxic vinyl chloride and other dangerous chemicals to spill and catch fire. "We expect Norfolk Southern to do their part, acting on the recommendations in this assessment as well as previous ones to increase safety." Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with Bose in Atlanta on Tuesday to review the findings. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.
Persons: Jonathan Drake, Amit Bose, Alan Shaw, Bose, Shaw, We’re, David Shepardson, Jonathan Oatis, Stephen Coates Organizations: University of North, REUTERS, Norfolk, Transportation, Transportation Department's Federal Railroad Administration, Atlanta, FRA, Southern, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Ohio, Transportation Department's, Atlanta
☆ US offers mixed review of Norfolk Southern safety culture
  + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com   time to read: +3 min
A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. Inspections in March identified over 100 defects across 95 miles (153 km) of Norfolk Southern territory "and FRA is considering enforcement actions based on those defects. Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with FRA Administrator Amit Bose in Atlanta on Tuesday to review the findings. The railroad delivered the report to a consultant conducting an independent review of its safety program. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.
Persons: Jonathan Drake, Norfolk, Alan Shaw, Amit Bose, Shaw, Bose, We’re, David Shepardson, Chris Reese, Jonathan Oatis Organizations: University of North, REUTERS, Transportation, Transportation Department's Federal Railroad Administration, Southern, Norfolk, FRA, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, East Palestine , Ohio, Transportation Department's, Atlanta
☆ Norfolk Southern agrees to boost safety at Ohio derailment site, US says
  + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com   time to read: +2 min
General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. REUTERS/Alan Freed/File PhotoWASHINGTON, Aug 9 (Reuters) - Norfolk Southern Corp (NSC.N) has agreed to improve conditions for workers rebuilding and cleaning up the site of its February derailment in East Palestine, Ohio, the U.S. Labor Department said on Wednesday. A Norfolk Southern-operated train derailed on Feb. 3 in Ohio, causing cars carrying toxic vinyl chloride and other dangerous chemicals to spill and catch fire. In March, Ohio and the U.S. Justice Department sued Norfolk Southern, seeking to ensure the railroad pays the full cost of cleanup and any long-term effects of the derailment. A U.S. Senate panel in May approved rail safety legislation that tightens rules on trains carrying explosive substances like the Norfolk Southern-operated train.
Persons: Alan Freed, We’ve, Alan Shaw, Susan Heavey, David Shepardson, Doina Chiacu, Deepa Babington, Jonathan Oatis Organizations: REUTERS, Norfolk Southern Corp, U.S . Labor Department, Teamsters ’ Railway Union, Safety, Health Administration, OSHA, Waste, Norfolk Southern, U.S . Justice Department, U.S, Senate, Republicans, Thomson Locations: East Palestine , Ohio, U.S, Norfolk Southern, Ohio, Norfolk
☆ Norfolk Southern will be the gold standard for safety in the rail industry, says CEO
  + stars: | 2023-06-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern will be the gold standard for safety in the rail industry, says CEOAlan Shaw, Norfolk Southern CEO, joins 'Squawk on the Street' to discuss how much of Shaw's time has been focused on the disaster in East Palestine, Ohio, an engineer's warning about the size of the train, and
Persons: Alan Shaw Organizations: Norfolk Southern Locations: East Palestine , Ohio
☆ Norfolk Southern engineer's safety warning was unheeded before Ohio derailment, NTSB says
  + stars: | 2023-06-22 | by ( Yuheng Zhan | ) www.cnbc.com   time to read: +3 min
Norfolk Southern supervisors didn't address an engineer's safety concerns before a train loaded with toxic chemicals derailed in East Palestine, Ohio in February, according to preliminary findings released Thursday from a National Transportation Safety Board investigation. On Feb. 3, a Norfolk Southern freight train carrying hazardous chemicals derailed, releasing toxic chemicals into the environment near Ohio's border with Pennsylvania. Norfolk Southern CEO Alan Shaw has pledged support for residents of East Palestine, Ohio, although critics have said he hasn't gone far enough. Norfolk Southern took further exception with the union's allegation, saying that the current average car inspection time is approximately two minutes. "It is not accurate to say NS has 'reduced' the standard amount of time for a car inspection since the implementation of PSR.
Persons: didn't, we've, Connor Spielmaker, Alan Shaw, hasn't, Spielmaker Organizations: Norfolk, National Transportation Safety Board, Decatur, Federal Railroad Administration, Norfolk Southern, CNBC, NTSB, Transportation Communications Union, TCU Locations: Norfolk Southern, East Palestine , Ohio, Decatur , Illinois, Southern, East Palestine, Norfolk, Ohio's, Pennsylvania
☆ Norfolk Southern to establish home reimbursement fund after Ohio derailment
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: 1 min
WASHINGTON, May 9 (Reuters) - Norfolk Southern (NSC.N) said on Tuesday it will establish a fund to reimburse homeowners who live near the site of a Feb. 3 train derailment in East Palestine, Ohio who sell their homes for less than what the property was worth before the incident. Norfolk Southern CEO Alan Shaw told senators in a letter the railroad initially expects "eligible homeowners for this compensation to include those with homes within an approximately 5-mile radius of the derailment, and who sell their homes for less than their property’s pre-February 3 appraised value." Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
☆ Norfolk Southern reports $387 million charge for the first quarter after East Palestine derailment
  + stars: | 2023-04-26 | by ( Noah Sheidlower | ) www.cnbc.com   time to read: +2 min
General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. Norfolk Southern on Wednesday reported an initial $387 million charge associated with the company's East Palestine, Ohio, derailment in February, which spilled toxic chemicals into the environment. Norfolk Southern said income from railway operations for the quarter was $711 million, down 34% from the same period in 2022. Excluding the East Palestine derailment, income from railway operations was $1.1 billion, up 1% compared to the same period the year prior. Norfolk Southern did not announce estimates for further charges related to the East Palestine derailment.
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