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Search resuls for: "Alan Shaw"


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☆ Norfolk Southern CEO sells stock and sets up scholarship fund for East Palestine
  + stars: | 2023-03-03 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN —Norfolk Southern CEO Alan Shaw sold $448,000 worth of the company’s stock this week, a month after the toxic train derailment in East Palestine, Ohio, that is still being cleaned up. The stock sale was completed under terms of a pre-arranged plan put in place in May 2022, shortly after he was promoted to CEO. In Shaw’s plan, he sells 2,000 shares of Norfolk Southern shares every three months. While his stock sale is typical for a CEO, it’s also an indication of how well paid he is running one of the nation’s four major freight railroads. His predecessor as CEO, James Squires, received $14 million that year, which is more than the $12 million the railroad has said it paid to residents and community groups in East Palestine.
☆ Senators unveil rail safety bill after Ohio train derailment
  + stars: | 2023-03-01 | by ( Liz Brown-Kaiser | Rose Horowitch | ) www.cnbc.com   time to read: +2 min
A bipartisan group of senators will introduce legislation Wednesday aimed at preventing rail disasters after the devastating derailment in East Palestine last month. It would also require trained, two-person crews to work aboard every train carrying hazardous materials and levy heightened fines for rail carriers' wrongdoing. The Feb. 3 derailment of a Norfolk Southern train carrying vinyl chloride led to a spill of toxic chemicals. The bill will be introduced by Brown and his Republican counterpart, Sen. JD Vance, who represent the state where the Norfolk Southern derailment occurred. The Senate Environment and Public Works Committee on Tuesday asked Norfolk Southern CEO Alan Shaw to participate in an upcoming hearing.
☆ Norfolk Southern CEO apologizes to Ohio townspeople, vows to 'do what's right'
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +3 min
Shaw sat down with people from the town of 4,700 people for the CNN event, repeatedly apologizing and saying, "We're going to do what's right for the community." U.S. and Ohio environmental regulators and the company hired experts who say testing shows the water and air are safe. Norfolk Southern reported net profit of $3.27 billion in 2022 when it paid nearly $1.2 billion in dividends to shareholders and bought back $3.1 billion worth of shares. Insurance will help offset those costs, including a liability policy that will cover up to $1.1 billion in certain situations. Stewart said he was planning to sell his house so he could retire but now his property value had plummeted.
☆ Premarket stocks: It's bulls vs. hawks on Wall Street
  + stars: | 2023-02-23 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
New York CNN —There’s a new tussle brewing in the animal kingdom of Wall Street: Hawks vs. Bulls. The question is, will the Fed be able to break through and convince Wall Street to finally give in to market pessimism? “Setting aside what financial market participants expected us to do, I saw a compelling economic case for a 50 basis-point increase,” she said at an event in Florida. Asda told CNN that it was temporarily limiting purchases of some items to three packs per customer. Morrisons told CNN that it had imposed a cap of two packs per customer on the same products.
☆ Ohio Train Derailment Misinformation Is Hurting East Palestine, Railroad CEO Says
  + stars: | 2023-02-22 | by ( Esther Fung | ) www.wsj.com   time to read: 1 min
In late January, Alan Shaw , the chief executive of Norfolk Southern Corp., touted the railroad’s financial performance and rising cargo volumes. “Service is at the best it’s been in more than two years, and customers are noticing,” he told investors. The following week, Mr. Shaw was getting alerts that a Norfolk Southern freight train carrying hazardous chemicals had derailed near the Ohio-Pennsylvania border, setting off a crisis that has put intense scrutiny on the railroad’s operations and its leader.
☆ Norfolk Southern, in wake of toxic derailment, gives in on sick days for one of its unions
  + stars: | 2023-02-22 | by ( Chris Isidore | ) edition.cnn.com   time to read: +3 min
New York CNN —Norfolk Southern has agreed to give one of its unions the paid sick days it demanded for members in negotiations last year, and is in talks to grant sick days to its other unions as well. Norfolk Southern has about 19,000 employees total and about 15,000 of whom are union members. Norfolk Southern’s concession comes two weeks after another railroad, CSX (CSX), reached a deal with two of its unions to provide four sick days a year. The Norfolk Southern deal provides up to seven sick days per employee. Norfolk Southern and the nation’s other major freight railroads all faced criticism last year for refusing the unions’ demands for paid sick days for their members.
☆ Norfolk Southern is giving over a thousand times more money to shareholders than to derailment victims
  + stars: | 2023-02-22 | by ( Chris Isidore | ) edition.cnn.com   time to read: +6 min
The company spent $3.4 billion on share repurchases last year, and $3.1 billion in 2021, bringing its recent share repurchases to $6.5 billion. Billions to shareholdersIn March 2022, Norfolk Southern (NSC) announced a new $10 billion share repurchase plan. Norfolk Southern did not respond to questions Wednesday on whether it expects to change its share repurchase plans in the wake of the derailment. Other freight railroads are also reporting improving profits, and have joined Norfolk Southern in massive share repurchases. Like Norfolk Southern, both UP and CSX spent more on share repurchases than they did on total employee compensation.
☆ Norfolk Southern CEO Alan Shaw discusses East Palestine derailment in full CNBC interview
  + stars: | 2023-02-21 | by ( ) 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 Alan Shaw discusses East Palestine derailment in full CNBC interviewCNBC's Morgan Brennan interviews Norfolk Southern CEO Alan Shaw about the Feb. 3 derailment of a train carrying toxic chemicals in East Palestine, Ohio.
☆ Safety the only factor in the decision to burn the chemicals, says Norfolk Southern CEO Alan Shaw
  + stars: | 2023-02-21 | 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 EmailSafety the only factor in the decision to burn the chemicals, says Norfolk Southern CEO Alan ShawAlan Shaw, CEO of Norfolk Southern, joins 'Closing Bell: Overtime' to discuss the derailment of a train in East Palestine, Ohio, and the decision to have a 'controlled burn' after the wreck.
☆ Transportation Sec. Buttigieg has been very clear about his frustration: Norfolk Southern CEO
  + stars: | 2023-02-21 | by ( ) 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 EmailTransportation Sec. Buttigieg has been very clear about his frustration: Norfolk Southern CEONorfolk Southern CEO Alan Shaw joins 'Closing Bell: Overtime' to discuss the train derailment and chemical burn in East Palestine, Ohio, and what he's heard from Transportation Secretary Pete Buttigieg.
☆ U.S. urges rail industry, Congress to boost safety measures after toxic derailment
  + stars: | 2023-02-21 | by ( David Shepardson | ) www.reuters.com   time to read: +3 min
Buttigieg said he planned to pursue new regulations to boost rail safety "to the extent possible" under current law and would initiate additional focused inspection programs. Buttigieg wants Congress to make it easier to impose new train safety regulations and increase U.S. Department of Transportation (USDOT) fines for violating safety regulations from the current maximum $225,455 at least ten-fold. The National Transportation Safety Board is investigating the derailment and USDOT said it would use the probe results "to hold Norfolk Southern accountable, while pushing for rail safety initiatives in the more immediate future." Some rail safety requirements were withdrawn under President Donald Trump. Some Republican critics of the East Palestine response who previously opposed rail regulations have now expressed openness to new rules.
☆ Norfolk Southern CEO defends railroad’s response to Ohio derailment
  + stars: | 2023-02-21 | by ( Artemis Moshtaghian Linh Tran Yon Pomrenze Chris Isidore | Artemis Moshtaghian | Linh Tran | ) edition.cnn.com   time to read: +5 min
East Palestine, Ohio CNN —Norfolk Southern CEO Alan Shaw defended his company’s actions since the disaster caused by the derailment of one of its trains in East Palestine, Ohio, and promised the railroad will pay for the cleanup. “Norfolk Southern is committed to the community and citizens of East Palestine,” Shaw told CNN Tuesday. “From day one I’ve made the commitment that Norfolk Southern is going to remediate the site,” Shaw said. Norfolk Southern “started as soon as the derailment occurred,” he said. If folks in this community want bottled water, they’re going to get it.”
☆ Norfolk Southern CEO says Ohio town safe after chemical train derailment
  + stars: | 2023-02-21 | by ( Noah Sheidlower | ) www.cnbc.com   time to read: +6 min
On Feb. 3, a Norfolk Southern freight train carrying hazardous chemicals derailed, igniting a dayslong fire. A company spokesperson told CNBC Norfolk Southern has been in communication with the agency and in compliance with its requests since the incident. He said Norfolk Southern has reimbursed or committed a "downpayment" of $6.5 million to East Palestine and will continue financial assistance to residents. Shaw in the interview denied the lawyer's claims after the company made public statements that doing testing absolved Norfolk Southern of no liability. Shaw said Norfolk Southern is fully cooperating with the NTSB and the FRA to come up with the root cause of the derailment.
☆ Buttigieg urges U.S. railroads to boost safety, not oppose reforms
  + stars: | 2023-02-19 | by ( David Shepardson | ) www.reuters.com   time to read: +4 min
[1/7] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Buttigieg said he would soon outline specific safety improvements railroads should take immediately. He harshly criticized them for lobbying against steps "intended to improve rail safety and to help keep Americans safe." Buttigieg said he also planned to outline "prioritized actions planned" by the U.S. Department of Transportation on rail safety. In response to the derailment, U.S. Senate Commerce Committee Chair Maria Cantwell Friday opened an inquiry into railroad hazardous materials safety practices.
☆ White House defends response to Ohio train derailment
  + stars: | 2023-02-17 | by ( David Shepardson Brad Brooks | David Shepardson | Brad Brooks | ) www.reuters.com   time to read: +4 min
The derailment of the train, operated by Norfolk Southern (NSC.N), forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. “We have mobilized a robust, multi-agency effort to support the people of East Palestine, Ohio," White House spokesperson Karine Jean-Pierre said at a briefing. [1/3] A view of a caution tape as members of the U.S. Environmental Protection Agency (EPA) (not pictured) inspect the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023. DeWine called on Congress to review railroad safety regulations, lamenting states have little power to demand information about what types of hazardous goods are rolling through their borders. Transportation Secretary Pete Buttigieg said Thursday more needs to be done to address rail safety in the face of hundreds of annual train derailments.
☆ Ohio cleaning up toxic train derailment as pollution 'plume' moves downstream
  + stars: | 2023-02-15 | by ( Brad Brooks Lisa Baertlein | Brad Brooks | Lisa Baertlein | ) www.reuters.com   time to read: +5 min
[1/3] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. NTSBGov/Handout via REUTERSFeb 14 (Reuters) - Cleanup is moving quickly after a train carrying toxic materials derailed in Ohio 11 days ago, Ohio Governor Mike DeWine said on Tuesday, while residents and observers questioned the health impacts of pollution that spilled into the Ohio River. Officials said the volume of the river diluted the plume and the plume did not pose a serious threat. UNION WARNINGSRailroad union officials said they have been warning that such an accident could happen because railroad cost-cutting harmed safety measures. "No one wants to listen until we have a town blown off the face of the earth, then people listen," said Whitaker, whose union is the largest U.S. railroad union representing conductors, engineers and other workers.
☆ Norfolk Southern CEO on innovative solutions for supply chain disruptions
  + stars: | 2022-10-26 | 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 CEO on innovative solutions for supply chain disruptionsAlan Shaw, Norfolk Southern CEO, joins 'Squawk on the Street' to offer his take on the current state of the U.S. economy and discuss overcoming supply chain disruptions, and expanding Norfolk Southern's intermodal franchise for growth.
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