Norfolk Southern CEO Alan Shaw gave testimony to the Senate Committee on Environment and Public Works Thursday.
Norfolk Southern Corp. CEO Alan Shaw vowed to do “everything it takes” for the community impacted by the derailment of a train carrying hazardous materials in East Palestine, Ohio.
The CEO gave testimony to the Senate Committee on Environment and Public Works Thursday, where he was grilled by senators. “We’re going to do everything it takes,” Shaw said, adding that he has genuine affection for the “folks of East Palestine.” The CEO described seeing yard signs in the community emblazoned with the words “we are East Palestine” and “welcome to America’s greatest comeback story.”
Shaw was also pressed on whether he would support the bipartisan rail safety bill proposed by Ohio senators Sherrod Brown, Democrat, and J.D. Vance, Republican. “We’re committed to the legislative intent to make rail safer,” he replied, without answering yes or no to the question from Pennsylvania Sen. John Fetterman, which was read out by Carper.
“Wall Street, about a decade ago, in order to increase the profits they were earning in the rail industry, implemented a program called precision scheduled railroading, the result of that is that Norfolk Southern reduced its workforce by almost 40% over six years,” he said. “Wall Street’s goal was achieved, profits soared for Norfolk Southern – you made over $3 billion in profits last year.”
Pressed again by Sanders, Shaw said he charted a new course for the industry in December by moving away from a short-term focus solely on profits. Instead, he said Norfolk Southern is taking a longer-term view founded on engagement with its craft employees.
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