'I want to see performance incentives for driving safety, not just for driving profits for Wall Street.'
As the chief executive officer of the Norfolk Southern railroad prepares to appear before a Senate committee Thursday to answer questions about the train derailment in East Palestine, Ohio, multiple members of Congress are speaking out about what a Scripps News investigation revealed last week: the CEO, along with other executives received millions of dollars in cash awards after the company cut costs and began running longer trains.
The Scripps News investigation found that Norfolk Southern told the Securities and Exchange Commission in a proxy filing that one reason top executives were given large cash awards was because of the company’s"record performance on train length and weight" in 2021. They also told shareholders they had achieved a new"record" low operating ratio – a Wall Street metric that compares a railroad's operating expenses to its operating revenues.
In June 2022, Norfolk Southern’s chief operating officer at the time, Cindy Sanborn, appeared before the U.S. House Transportation and Infrastructure Committee and defended the company's newer practice of running long trains. Sanborn retired from Norfolk Southern in December. Multiple attempts by Scripps News to reach her for comment were unsuccessful. An administrative assistant for a board Sanborn currently sits on told us that she sent Sanborn our request to speak with her, but that request went unanswered.
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