THE appointment of Mr Wick Moorman as president and CEO of Amtrak last September was greeted with enthusiasm from across the North American railway industry, bringing more than 40 years of railway experience and an intimate understanding of the freight carriers to the top job in US passenger rail.
Moorman began his railway career with NS’ predecessor Southern, initially working in track maintenance during his college days, before rising from management trainee to become president and CEO of the Class 1 railway. At a time of considerable political and economic uncertainty for the United States, Moorman’s understanding of how the railway operates, how it makes money, and how to influence policymakers in Washington DC should help to give Amtrak stability and build a future based on growth.
Indeed, growth has been a defining feature of Amtrak’s recent history, and ridership has now exceeded 30 million passengers for six consecutive years. Unaudited ticket sales for the 2016 fiscal year, which ended on September 30 2016, reached a record $US 2.14bn, a $US 12m increase compared with 2015. This was driven by a 400,000 increase in passenger journeys, which rose to a record 31.3 million.
Amtrak covered 94% of its operating costs from ticket sales and other revenues, up from 92% in 2015. Unaudited total revenue in 2016 reached $US 3.2bn and as a result, Amtrak reduced its operating loss by $US 78m to $US 227m, its lowest since 1973.
As he begins his first full year at the helm, Moorman is seeking to build on these results by driving efficiency and making Amtrak more responsive to the needs of customers. A Government Accountability Office (GAO) report published in January 2016 recommended that Amtrak should extend the use of its strategic management system company-wide and improve its financial reporting, and Moorman is keen to follow this path in 2017.