Railroad CEO fired over relationship with company's top lawyer

Fired Norfolk Southern CEO Alan Shaw had a relationship with the company's top lawyer.

The Board of Directors wants to rehire Shaw as a consultant.

Norfolk Southern CEO Alan Shaw was fired after an investigation into his relationship with the company's top lawyer, a violation of company policy.

A regulatory filing from the company said that the board had determined "without a doubt" that Shaw violated Norfolk Southern's ethics and code of conduct policy. The filing did not provide any details about the relationship between Shaw and the lawyer.

Shaw, 62, has been CEO of Norfolk Southern since 2015. He led the company through the merger with Conrail in 2018 and has overseen the company's efforts to improve its safety record.

The board of directors has appointed James A. Squires, the company's chief operating officer, as interim CEO. Squires, 56, has been with Norfolk Southern since 1986.

The board of directors is also considering bringing Shaw back as a consultant. The filing said that the board had "determined that Mr. Shaw's knowledge and experience would be valuable to the company as it continues to implement its strategic plan."

The company's shares fell 3.3% in premarket trading on Tuesday to $287 per share.

Norfolk Southern is one of the largest railroads in the United States. The company operates more than 20,000 miles of track in 22 states and the District of Columbia.