Norfolk Southern is investigating possible misconduct by its CEO Alan Shaw.
The Atlanta-based freight railroad late Sunday said its board of directors has hired a law firm to conduct an independent probe into allegations that Shaw engaged in behavior inconsistent with the company’s code of ethics and policy. It did not elaborate.
However, CNBC cited people familiar with the matter in reporting ahead of Norfolk Southern’s announcement that the investigation involves an alleged workplace relationship and that the process is in its early stages.
Shaw in May survived a bid to oust him as CEO over complaints including his handling of last year’s toxic East Palestine, Ohio, train derailment and the poor performance of the company’s stock.
Shaw started with Norfolk as a cost systems analyst in 1994, rising through its ranks to become CEO in May of 2022, according to a company bio of the executive.
Norfolk Southern operates in 22 states and is valued at more than $57 billion. As of midday Monday, its shares were up $3.50, or 1.4%, at $253.50.
