Norfolk Southern Stock News

Board Terminates Alan H. Shaw as President and Chief Executive Officer Due to Violations of Company Policies Nabanita Nag Terminated as Chief Legal Officer Company Reaffirms Full-Year 2024 Guidance ATLANTA , Sept.

Norfolk Southern is negotiating CEO Alan Shaw's exit, and the board is considering interim replacements, including the current chief financial officer, after finding the executive had a relationship with a subordinate, three sources familiar with the matter said on Wednesday.

Norfolk Southern's board is investigating whether CEO Alan Shaw had an inappropriate relationship with the company's chief legal officer. Norfolk's top lawyer, Nabanita Nag, is also corporate secretary and one of the board's primary points of contact.

Given its better valuation and prospects, we think CSX stock (NYSE: CSX) is a better pick than its peer – Norfolk Southern stock (NYSE: NSC). NSC stock trades at 21x forward expected earnings, versus 17x for CSX.

In May, activist investor Ancora won three board seats at the railroad operator but failed to oust CEO Alan Shaw.

Norfolk Southern (NSC) said Sunday that it is investigating allegations of misconduct against CEO Alan Shaw, and is working with outside legal counsel to determine whether Shaw did anything "inconsistent" with the company's code of ethics.

Railroad operator Norfolk Southern said it retained a law firm to conduct and independent investigation of the allegations.

ATLANTA , Sept. 8, 2024 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) acknowledges that its Board of Directors has opened an investigation into allegations of potential conduct by CEO Alan Shaw that is inconsistent with the company's Code of Ethics and company policy.