Prospects for Rail Remain Bright, Norfolk Southern CEO Tells Stockholders

NORFOLK — Norfolk Southern Corp. performed well through the recession and has positive momentum for continuing success in 2010 and beyond, said Chief Executive Officer Wick Moorman during the company’s 28th annual stockholders meeting, held in Williamsburg, Va.

“The longer-term prospects for Norfolk Southern and the rail industry remain very bright,” Moorman said. “Overall, our first-quarter 2010 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. Against the backdrop of an improving economy, the stage is set for a good 2010.”

In official business, stockholders re-elected four directors: Thomas D. Bell Jr., chairman of SecurAmerica LLC; Alston D. Correll, chairman of Atlanta Equity Investors LLC; Landon Hilliard, a partner in Brown Brothers Harriman & Co.; and Burton M. Joyce, former chairman of IPSCO.

Stockholders also approved a company proposal to declassify the board of directors, setting the stage for annual election of the full board, which will occur for the first time in 2013. In other business, stockholders ratified the appointment of KPMG LLP as auditors, approved amendments to the corporation’s long-term and executive management incentive plans, and did not approve a stockholder proposal concerning disclosure of political corporate contributions.