Norfolk Southern is investigating possible misconduct by its CEO Alan Shaw.
The Atlanta-based freight railroad said late Sunday that its board has hired a law firm to conduct an independent investigation into allegations that Shaw engaged in conduct inconsistent with company ethics rules and policies. It did not develop.
But CNBC cited people familiar with the matter reporting ahead of Norfolk Southern’s message that the investigation involves an alleged workplace relationship and that the process is at an early stage.
Shaw in May survived an attempt 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 joined Norfolk as a cost systems analyst in 1994, rising through the ranks to become CEO in May 2022, according to a company description 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.