3 months ago
18
Norfolk Southern
Corporation dismissed CEO
Alan Shaw
and terminated India-origin lawyer
Nabanita C Nag
from her roles following the revelation of their inappropriate relationship.
The corporation said that the major changes in their office were made after finding
Shaw
and Nag violated the company policies by engaging in a consensual relationship. In a press statement, the corporation also clarified that 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.
Jason M. Morris will serve as acting Corporate Secretary," the statement reads.
After removing Shaw from the position, Norfolk unanimously voted for 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.
Claude Mongeau, Chairman of the Norfolk Southern Board, said, "The Board has full confidence in Mark and his ability to continue delivering on our commitments to shareholders and other stakeholders. Mark has played an integral role in our recent progress and brings decades of financial experience and strong operational expertise. He embodies our corporate values and is a champion of our safety culture. In close partnership with our accomplished COO, John Orr, they will continue to improve NS' operating performance and close the margin gap with peers."
George is a seasoned executive with over 35 years of professional experience spanning multiple global industries. He most recently served as EVP and Chief Financial Officer of Norfolk Southern since 2019
"I am honored to take on this role and lead Norfolk Southern," said George after accepting the position. "I look forward to my continued partnership with John and the entire Thoroughbred team as we further our progress on optimizing operations and serving our customers, while creating a safe and satisfying workplace and delivering enhanced value for our employees, customers, shareholders, and communities."
Norfolk
Southern also announced the appointment of Jason A Zampi as acting Chief Financial Officer.
