Norfolk Southern names Mark George as new CEO; affirms FY24 guidance

Norfolk Southern “announced that the Norfolk Southern Board of Directors has by unanimous vote of the independent directors appointed Mark R. George, the company’s Executive Vice President and Chief Financial Officer, as President and Chief Executive Officer, effective immediately. George will also join the Norfolk Southern Board. George’s appointment follows the Norfolk Southern Board’s unanimous decision to terminate Alan H. Shaw for cause, effective immediately. This change in leadership comes in connection with preliminary findings from an ongoing investigation that determined Shaw violated company policies by engaging in a consensual relationship with the company’s Chief Legal Officer. Shaw’s departure is unrelated to the company’s performance, financial reporting and results of operations. Norfolk Southern also announced that Nabanita C. Nag has been terminated from her roles as Executive Vice President Corporate Affairs, Chief Legal Officer & Corporate Secretary, effective immediately, in connection with the preliminary findings of the Board’s ongoing investigation. Norfolk Southern reaffirms its full-year 2024 guidance provided on July 25, 2024, in conjunction with its second quarter 2024 financial results.”