Norfolk Southern Corp. (NSC) has terminated its President and CEO, Alan Shaw, due to violations of company policies. The company has also terminated its Executive Vice President of Corporate Affairs, Chief Legal Officer, and Corporate Secretary, Nabanita Nag. Mark George, the company’s Executive Vice President and CFO, has been appointed as the new President and CEO, effective immediately.
This leadership change follows preliminary findings from an ongoing investigation, which revealed that Shaw violated company policies by engaging in a consensual relationship with Nabanita Nag, the Chief Legal Officer. The company clarified that Shaw's departure is unrelated to the company's performance, financial reporting, or operational results.
In conjunction with George's new role as CEO, Norfolk Southern announced that Jason Zampi will serve as Acting Chief Financial Officer, and Jason Morris will serve as Acting Corporate Secretary.
Norfolk Southern reaffirmed its full-year 2024 guidance.
