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Norfolk Southern CEO Shaw replaced by CFO over alleged affair with legal head

Investing.com-- Norfolk Southern said on Wednesday that chief executive Alan Shaw will leave the company, effective immediately, after an internal probe found he engaged in a relationship with the company’s chief legal officer.

Shaw will be replaced by Mark George, the company’s executive vice president and chief financial officer. Jason Zampi will serve as acting CFO, Norfolk Southern Corporation (NYSE:NSC) said in an announcement on late-Wednesday. 

Shaw’s exit comes just days after the company said it had opened an investigation into potential misconduct by the CEO, following reports that he had engaged in an inappropriate workplace relationship.

Chief legal officer Nabanita Nag will also leave the company.

Shares of the company, which is one of the largest railroad operators in the U.S. by revenue, fell 0.3% in afterhours trading. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.