His departure ends two difficult years on the job and comes just days after the company’s board announced it was investigating his alleged ethical lapses.
FILE - Norfolk Southern Railroad CEO Alan Shaw speaks during an interview Wednesday, June 21, 2023, in Atlanta. His ouster comes after two difficult years in the top job and just days after the company’s board announced it was
The derailment near the Ohio-Pennsylvania border prompted the nation to re-examine railroad safety and led lawmakers and regulators to call for reforms. But those proposals haveNorfolk Southern delivered after the derailment, combined with questions about Shaw’s strategy of keeping more workers on hand during a downturn, made the railroad ripe for pressure from an investor like Ancora.
Shaw received $13.4 million compensation last year in his first full year as CEO. The railroad said earlier this year that Shaw would be entitled to nearly $9.6 million in retirement compensation if he left the company. It wasn’t immediately clear how being fired for cause will affect the $2.3 million severance pay Norfolk Southern had previously promised him. More details on his final compensation are expected to be disclosed Thursday.
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