Norfolk Southern Terminates CEO Alan Shaw For Policy Violations; Appoints Mark George As New CEO

(RTTNews) - Norfolk Southern Corp. (NSC) announced the termination of its President and Chief Executive Officer, Alan Shaw, due to violations of company policies. The company also terminated its Executive Vice President Corporate Affairs, Chief Legal Officer & Corporate Secretary, Nabanita Nag. Additionally, Mark George, the company's Executive Vice President and Chief Financial Officer, has been appointed as President and Chief Executive Officer, effective immediately.

The change in leadership follows preliminary findings from an ongoing investigation, which determined that Shaw violated company policies by engaging in a consensual relationship with the Chief Legal Officer, Nabanita Nag. The company stated that Shaw's departure is unrelated to its performance, financial reporting, or results of operations.

In connection with George's appointment as Chief Executive Officer, Norfolk Southern announced that Jason Zampi will serve as acting Chief Financial Officer.

Jason Morris will serve as acting Corporate Secretary.

Norfolk Southern reaffirmed its full-year 2024 guidance.