ATLANTA - Norfolk Southern Corporation (NYSE: NYSE:NSC), a major player in the U.S. freight transportation sector, has announced the immediate appointments of Jason A. Zampi as Executive Vice President, Chief Financial Officer and Treasurer, and Jason M. Morris as Senior Vice President, Chief Legal Officer and Corporate Secretary.
Jason A. Zampi brings over 28 years of experience in finance and accounting to his new role as CFO and Treasurer, having spent the last 13 years at Norfolk Southern. His prior positions within the company have seen him involved in forecasting, budgeting, and corporate accounting. Before his tenure at Norfolk Southern, Zampi was a senior manager at KPMG LLP and is a certified public accountant. He holds a Bachelor of Science in Accounting from Pennsylvania State University.
Mark R. George, President and CEO of Norfolk Southern, praised Zampi's contributions, stating, "Jason is someone our entire executive team and board count on to provide critical financial insights that increase our success."
Jason M. Morris, assuming the role of CLO and Corporate Secretary, has been with Norfolk Southern's legal department since 2010, taking on increasingly significant responsibilities over time. His background spans public service, including a legislative director role in the U.S. House of Representatives and service as a logistics readiness officer in the Virginia Air National Guard. Morris is an alumnus of the U.S. Air Force Academy, the University of Virginia School of Law, and the Kellogg (NYSE:K) School of Management's Executive Development Program.
George commended Morris's diverse experience, highlighting his "unique ability to apply his military, government, and legal background to develop dynamic strategies, enhance system improvements, and mitigate organizational risks."
Norfolk Southern, with a history dating back to 1827, operates a comprehensive freight transportation network that is customer-centric and operations-driven. It plays a significant role in sustainability efforts, helping customers avoid millions of tons of carbon emissions annually by opting for rail transport. The company boasts the most extensive intermodal network in the eastern United States and originates more automotive traffic than any other Class I Railroad.
The appointments of Zampi and Morris are part of Norfolk Southern's ongoing commitment to leadership and operational excellence as it continues to serve a vital role in the nation's economy and infrastructure. This announcement is based on a press release statement from Norfolk Southern Corporation.
In other recent news, Norfolk Southern Corporation has made significant strides in its operational and financial performance. The company announced a tentative agreement with the International Association of Sheet Metal, Air, Rail and Transportation Workers - Transportation Division (SMART-TD), marking a crucial step in labor negotiations. This agreement, along with those reached with nine other unions, covers nearly 65% of Norfolk Southern's union workforce.
The company also reported a net income of $694 million and an adjusted operating income of $1.1 billion for the second quarter. Despite a revised full-year revenue growth expectation of around 1%, Norfolk Southern is investing over $200 million to expand the capacity of the 3B Corridor, a vital rail line in Alabama, set to be operational in 2025.
In leadership changes, Jason A. Zampi has been promoted to Senior Vice President Finance & Treasurer, with Tim Livingston, Rodney Moore, and Dewayne Swindall appointed to enhance the Transportation team's leadership. Furthermore, Anil Bhatt has been named as the Executive Vice President and Chief Information and Digital Officer.
Analysts from Loop Capital, Benchmark, RBC Capital, and Evercore ISI have adjusted their price targets for Norfolk Southern, reflecting confidence in the company's progress. These recent developments highlight Norfolk Southern's focus on improving service quality, managing costs, and implementing strategic growth initiatives.
InvestingPro Insights
As Norfolk Southern Corporation (NYSE: NSC) fortifies its executive team with strategic appointments, the company's financial health and market performance are of keen interest to investors. According to InvestingPro data, Norfolk Southern boasts a market capitalization of $55.68 billion, underscoring its significant presence in the freight transportation industry. The company's Price/Earnings (P/E) ratio stands at a robust 30.96, reflecting investor confidence in its earnings potential. However, a more adjusted view of the P/E ratio for the last twelve months as of Q2 2024 shows a more moderate figure at 20.33.
InvestingPro Tips highlight that Norfolk Southern has a longstanding commitment to rewarding its shareholders, having raised its dividend for 7 consecutive years and maintained dividend payments for an impressive 43 consecutive years. This consistency in returning value to shareholders may be a compelling factor for investors seeking stable income streams through dividends. Additionally, analysts predict the company will remain profitable this year, which is corroborated by the company being profitable over the last twelve months.
Investors looking for deeper insights can find additional InvestingPro Tips for Norfolk Southern, including analysis on earnings revisions and valuation multiples, by visiting https://www.investing.com/pro/NSC. With a total of 9 InvestingPro Tips available, investors have access to a comprehensive suite of tools and data to make informed decisions about their investments in this leading transportation company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.