Norfolk Southern CEO Terminated for Misconduct

Norfolk Southern Corp. has terminated CEO Alan Shaw following an investigation into allegations of an inappropriate workplace relationship with a top-ranking lawyer at the company. This firing comes amid ongoing scrutiny over Shaw’s handling of a major train derailment in East Palestine, Ohio, in February 2023, which resulted in significant environmental damage and a costly cleanup. Shaw's tenure has been marked by challenges, including a proxy fight led by activist investor Ancora Holdings, which criticized his leadership and sought to replace him. The board has appointed CFO Mark George as the new CEO. The company is working with outside legal counsel for a thorough investigation, though the details and outcomes are still developing.