CFO appointed as Norfolk Southern CEO following alleged affair with legal chief.
- Mark George will replace Alan Shaw as Norfolk Southern CEO, who is stepping down immediately.
- The railroad's board is investigating an alleged inappropriate relationship between Shaw and the company's chief legal officer, Nabanita Nag, which led to Shaw's departure.
- George has served as Norfolk Southern's CFO for nearly five years.
The board has decided that CEO Alan Shaw will be replaced by finance chief Mark George, effective immediately, after it was determined that Shaw engaged in a consensual relationship with chief legal officer Nabanita Nag.
The board's preliminary investigation led to the termination of Nag from the company.
On Sunday, CNBC reported on the board probe, and on Wednesday, they followed up with a report stating that Nag was under investigation. The company later announced that Shaw had been let go for cause.
In a press release, George expressed his honor to assume the role of leading Norfolk Southern.
For nearly five years, George has been Norfolk Southern's CFO and played a crucial role in the company's efforts to prevent activist investor Ancora from taking over.
This is breaking news. Please check back for updates.
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