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.