Norfolk Southern CEO to step down amid misconduct probe, sources say

(Reuters) - Norfolk Southern (NYSE:NSC )'s CEO Alan Shaw is expected to step down from his role at the railroad company amid an investigation into allegations of potential workplace misconduct, two sources familiar with the matter told Reuters on Monday.

The company said on Sunday that it is reviewing allegations that Shaw violated its ethics policy.

Norfolk Southern did not immediately respond to Reuters' request for comment. Shaw could not be immediately reached for comment. The sources asked not to be identified to discuss sensitive personnel matters.

The news comes just four months after Shaw, who was promoted to the top job in May 2022, survived a hedge fund's push to oust him in a bitter proxy fight.

Norfolk Southern's 13-member board is now tackling its third crisis in a row following this year's boardroom battle with Ancora Holdings where the activist investor won three board seats and the 2023 train derailment in East Palestine, Ohio.



The Wall Street Journal first reported that Shaw is expected to leave his position.

(This story has been corrected to say that Shaw was appointed CEO in May 2022, not that he joined Norfolk Southern in May 2022, in paragraph 7)

Source: Investing.com