Norfolk Southern CEO Defends Buybacks in Tense Senate Exchange

Norfolk Southern Corp.’s top executive defended the railroad’s stock buybacks in a tense exchange with US lawmakers, saying the financial strategy doesn’t sacrifice rail safety.

In a hearing Wednesday over the recent derailment of a Norfolk Southern train in Ohio, Democratic Senator Peter Welch of Vermont grilled Chief Executive Officer Alan Shawon his company’s repurchases, which totaled $3.1 billion last year. Welch asked whether Norfolk Southern would pause the activity until it had fulfilled the commitments made to residents at the crash site.

See also: Norfolk Southern CEO Pledges Support for More Rail Regulation

“Senator, stock buybacks never ...