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Millions in cash and stock await new NS CEO

Mark George to lead Norfolk Southern after firing of Alan Shaw

Stuart Chirls
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Norfolk Southern expects Mark George to be a long-term figure as CEO. (Photo: Jim Allen/FreightWaves)

Norfolk Southern has a new top executive in Mark George and revealed details of a generous compensation package for the first-time CEO.

The Atlanta-based carrier (NYSE: NSC) in an 8-K filing with the Securities and Exchange Commission said it is lifting the salary of former chief financial officer George from $675,000 to $1 million per year, and an annual bonus of as much as $2.25 million. George also receives stock valued at $4 million. 

In January, George becomes eligible for long-term stock incentives worth as much as $10 million.

George got the top job Wednesday when NS fired President and CEO Alan Shaw after an investigation found he had been involved in an inappropriate relationship with the company’s chief legal executive, Nabanita C. Nag. Shaw will receive no severance since he was fired with cause. Nag’s employment was also terminated.


One Comment

  1. Elle Thomas

    NS is our most expensive Class 1 that we run with and, while our NS rep is fantastic, I’m constantly searching for alternate options due to their rail rates. I can see why they have to charge so much.

    Reply

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Stuart Chirls

Stuart Chirls is a journalist who has covered the full breadth of railroads, intermodal, container shipping, ports, supply chain and logistics for Railway Age, the Journal of Commerce and IANA. He has also staffed at S&P, McGraw-Hill, United Business Media, Advance Media, Tribune Co., The New York Times Co., and worked in supply chain with BASF, the world's largest chemical producer. Reach him at stuartchirls@firecrown.com.