{
  "docId": "019dd923-622b-71dc-a6dc-b84a0572e500",
  "docSlug": "e8b986ed5b81",
  "documentTitle": "Norfolk Southern Corporation (NSC)",
  "authorId": "21_Ancora",
  "authorName": "Move NSC Forward",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 37,
  "pageCount": 193,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The chart shows a clear upward trend in Operating Ratio (worse performance) following the implementation of TOP|SPG.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-b84a0572e500/37",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.083
      },
      "kind": "callout",
      "text": "While Mr. Shaw may have correctly identified service improvement as the guiding light to growth and profitability, he has selected a misguided strategy that does not improve network fluidity, trip plan compliance or profitability.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee9a3e5c-3f5b-4832-b2a2-8623bd28280e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.49,
        "x": 0.48,
        "y": 0.19
      },
      "kind": "chart",
      "text": "Operating Ratio",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fa3e5f7-4844-44ce-9def-ebcf0f93d19d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.03,
        "y": 0.21
      },
      "kind": "list",
      "text": "Mr. Shaw's TOP|SPG strategy introduced in 2022 represented an abrupt shift from the PSR principles the Company focused on under the TOP-21 strategy. The new strategy deprioritized operating efficiency in the name of ensuring sufficient asset reserves to ensure capacity for any circumstance (e.g., “resilience”). “Resilience” essentially means that the Company holds on to more resources (i.e., manpower, locomotives and cars) at all times with the objective of opportunistically gaining market share in the event of a volume windfall. In reality, this method results in higher costs, network congestion, lower safety and inefficient asset utilization. The strategy resulted in lower profitability per carload (due to a shift from merchandise to intermodal) and poorer customer service and has yet to deliver substantial revenue growth.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b4a3edd-4f6a-4c78-82f7-262382463bed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Ratio: 69.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3cd-cd983d657539",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "The PSR-based TOP-21 operating strategy introduced in 2019 was producing demonstrable results in 2020, 2021 and part of 2022 – until the Company reversed key PSR elements of the plan.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e0169d6-1b6d-4ae5-8117-6a6b5bca4294",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Norfolk Southern press release, Jun. 27, 2022. Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "500f3145-c510-47dc-8feb-e33edfd87d50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Norfolk Southern's TOP|SPG Strategy: How Did We Get Here?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2dd5bc7-1782-48cd-8df0-321112747b6d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "61ae7e45-893c-4b21-aafb-d52155320104",
      "evidence": "Contrasts the performance of the TOP-21 strategy (before) with the TOP|SPG strategy (after).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 43,
      "from": 13,
      "beatId": "fc579008-c4ab-4521-9873-728d59d3ba65",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the consequences of inaction and the failures of the current leadership.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}