Norfolk Southern Corporation (NYSE:NSC) announced today the appointment of Jason A. Zampi as the new Executive Vice President, Chief Financial Officer, and Treasurer. The appointment was confirmed by the company's Board of Directors on Monday.
Mr. Zampi, 49, has been acting as the Chief Financial Officer since September 11, 2024, following his role as Senior Vice President Finance & Treasurer since August 2024. Prior to his tenure at Norfolk Southern, Zampi served in various financial capacities after joining the company in 2011, and was a Senior Manager at KPMG before that.
With his new position, Zampi will receive an annual base salary of $600,000 and an annual incentive opportunity of 150% of his base salary, both prorated for 2024. Additionally, he has been granted a long-term incentive award valued at $554,200, which includes restricted stock units, performance share units, and stock options.
The company also confirmed that Zampi will be eligible for benefits under the Company’s Executive Severance Plan, details of which are described in the proxy statement filed on March 20, 2024. There are no reported family relationships between Mr. Zampi and any directors or executive officers of the company, nor are there any transactions involving him that would require disclosure under SEC regulations.
In other recent news, Norfolk Southern Corporation has seen significant developments in its leadership and financial performance. The freight transportation company has appointed 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.
The firm also promoted Jason A. Zampi to Senior Vice President Finance & Treasurer and appointed Tim Livingston, Rodney Moore, and Dewayne Swindall to enhance the Transportation team's leadership. Furthermore, Anil Bhatt has been named as the Executive Vice President and Chief Information and Digital Officer.
The company has reached tentative collective bargaining agreements with nine labor unions, representing about 55% of its unionized workforce. These agreements propose an average wage increase of 3.5 percent per year over five years, more vacation time earlier in careers, and improvements to the current health care benefits.
Norfolk Southern 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%, the company 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.
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.
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