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Norfolk Southern (NYSE:NSC) said late Wednesday it terminated CEO Alan Shaw for cause for engaging in a consensual relationship with Chief Legal Officer Nabanita Nag, who also was fired.
The board appointed Mark George, who has served as the company’s Executive VP and CFO since 2019, to replace Shaw, effective immediately.
Before joining Norfolk Southern (NSC), George climbed the ladder at United Technologies, including six years in Asia as the regional CFO for Otis Elevator.
Shaw had spent 30 years at Norfolk Southern (NSC) and became CEO just over two years ago after spending six years as Executive VP and Chief Marketing Officer.
CNBC had reported early this week that the board was investigating allegations that Shaw engaged in an inappropriate workplace relationship.
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