Investing
US says Norfolk Southern must focus on safety despite investor activism
© Reuters. Norfolk Southern Chief Executive Alan Shaw testifies on the East Palestine, Ohio train derailment before a U.S. Senate Environment and Public Works Committee hearing on Capitol Hill, in Washington, U.S., March 9, 2023. REUTERS/Mary F. Calvert/File Photo
WASHINGTON (Reuters) – The head of the Federal Railroad Administration on Wednesday urged Norfolk Southern (NYSE:) to focus on safety after a group of activist investors proposed replacing the company’s top management.
FRA Administrator Amit Bose wrote CEO Alan Shaw to “reiterate the only avenue to ensure NS’s immediate and long-term success is through a relentless focus on safety … Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely attract renewed oversight attention from my office.”
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