Norfolk Southern fires CEO over workplace relationship
- Alan Shaw's firing comes just days after the company opened investigation
- Nabanita Nag, the company's chief legal officer, was also fired
- Shaw won't receive severance and has to forfeit his outstanding stock
Norfolk Southern Corporation President and CEO, Alan Shaw, testifies before a US Senate Committee on Environment and Public Works hearing on the environmental and public health threats from the Norfolk Southern February 3 train derailment, on March 9, 2023, in Washington, DC. – The National Transportation Safety Board announced a special investigation on March 7 into the safety record of Norfolk Southern Railway, a month after the accident in East Palestine, Ohio. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
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(NewsNation) — Norfolk Southern has fired CEO Alan Shaw for having an inappropriate relationship with his subordinate, the company’s chief legal officer, the railroad announced Wednesday.
Shaw’s firing comes just days after the company’s board said it was investigating him over alleged misconduct.
Norfolk Southern said Shaw “violated company policies” by engaging in a “consensual relationship” with Nabanita Nag, the company’s executive vice president of corporate affairs, chief legal officer and corporate secretary.
The Norfolk Southern Board of Directors voted unanimously to terminate both Shaw and Nag.
Shaw’s departure comes after a tumultuous couple of years in charge of the Atlanta-based railroad. Since taking over in May 2022, he’s been criticized for the company’s handling of the toxic East Palestine, Ohio, derailment and faced a hostile takeover attempt from an activist investor.
“Shaw’s departure is unrelated to the company’s performance, financial reporting and results of operations,” the company said in a statement Wednesday.
Last year, Shaw received a base salary of $1.1 million and total compensation topping $13.4 million.
Norfolk Southern said Shaw is ineligible for severance and will have to forfeit any outstanding stock awards because he was fired for cause, according to an SEC filing.
The company promoted CFO Mark George to replace Shaw.
