Norfolk Southern shows its greed
It was disappointing to read the recent news about Norfolk Southern laying off 100 workers at the Juniata Locomotive Shop.
I’m sure the Norfolk Southern PR people will call it “right sizing.” Got to keep Wall Street happy.
It was enlightening, however, to read the 2018 Norfolk Southern proxy statement. In that report, 38 pages were devoted to executive compensation.
I confess that the byzantine calculations of how the top five NS executives are compensated were completely mystifying to me.
It would take an accounting professor or a human resources executive to understand the many categories of compensation these folks receive. One thing which did stand out, however, was the combined total compensation from all sources that the top five executives received in 2018.
By my calculations, that number was $30.2 million.
I’m sure that is small consolation to the displaced workers who have been laid off so that the company will, “have the optimal number of people and assets across our system in order to operate safely and efficiently.”
And cheaply, I would add.
Furloughed workers are apparently collateral damage, particularly two days after Labor Day.