Norfolk Southern CEO received 37% raise following derailment

Norfolk Southern CEO received a significant increase in compensation despite a derailment incident. The CEO’s total compensation rose to $13.4 million in 2023, up from $9.8 million in the previous year. The accident in East Palestine, Ohio, resulted in a massive fire and a cost of $1.1 billion for the railroad. The company’s net income dropped by 44% to $1.8 billion, but its stock has mostly recovered. An investor group is seeking to replace the CEO by electing an alternative slate of candidates. Norfolk Southern has expressed support for the CEO and its strategy.