1 week Ago
Joseph Fuller/iStock Editorial via Getty Images Norfolk Southern's ( NYSE: NSC ) board is looking into allegations that chief executive Alan Shaw engaged in an inappropriate workplace relationship, CNBC reported Sunday, citing three people familiar with the matter. According to the report , the investigation is in its early stages, and it is possible that no misconduct might be uncovered. The railroad operator is working with external legal advisors on the probe.
Norfolk Southern ( NSC ) did not immediately respond to a Seeking Alpha request for comment. Earlier in the year, activist investor Ancora Holdings had launched a campaign to replace seven of Norfolk Southern's ( NSC ) 13 board members with its own nominees and oust Shaw in favor of former UPS chief operating officer Jim Barber. While Ancora won three seats at the railroad operator in May, it failed to replace Shaw.
Ancora had argued that new management was needed to improve the Atlanta, Georgia-based company's financial and operational metrics. Shaw has been the CEO of Norfolk Southern ( NSC ) since May 2022, succeeding Jim Squires. He has over thirty years of experience at the company in marketing, operations, and finance.
More on Norfolk Southern Norfolk Southern Q2: This Freight Train Is On Track For Long-Term Returns Norfolk Southern: Sit Back, Watch Buybacks Boost Shares Norfolk Southern Corporation (NSC) Q2 2024 Earnings Call Transcript Norfolk Southern reaches tentative agreement with 5 more unions Norfolk Southern, Berkshire's BNSF ink labor deals.
