Norfolk Southern Corporation Terminates Chief Legal Officer and CEO Over Ethics Violation.
Norfolk Southern Corporation has announced the dismissal of Chief Legal Officer Nabanita Nag and CEO Alan Shaw following an internal investigation into their consensual relationship, which violated company policies and the code of ethics.
Nabanita Nag, who joined the Atlanta-based railroad transport company in 2020 and ascended to Chief Legal Officer in 2022, was terminated after the investigation confirmed the relationship with Shaw. Despite the consensual nature, both were found to have breached company standards.
The company clarified that Shaw’s departure is unrelated to Norfolk Southern’s performance, financial reporting, or operations. CFO Mark George has been appointed as the new President and CEO, following the conclusion of the internal probe.
Norfolk Southern stated, “This decision underscores our commitment to upholding the highest ethical standards across all levels of the company.”
Shaw, a longtime executive with Norfolk Southern, led the company through significant challenges, including the 2023 derailment in East Palestine, Ohio, an incident with significant financial ramifications. Shaw’s departure follows a recent proxy battle involving activist hedge fund Ancora Holdings, which led to the election of three new board members.
Mark George will also join Norfolk Southern’s board of directors as part of the transition.
