Norfolk Southern (NYSE:NSCApple Inc.’s board of directors is looking into allegations that CEO Alan Shaw engaged in an inappropriate relationship in the workplace, CNBC reported Sunday, citing three people familiar with the matter.
According to a reportThe investigation is in its early stages, and It is likely that no misconduct will be uncovered. The rail operator is working with outside legal advisers on the investigation.
Norfolk Southern (NSC) did not immediately respond to a request for comment from Seeking Alpha.
Earlier this year, activist investor Ankura Holdings launched a campaign to replace seven of NSC’s 13 board members with its own candidates and oust Shaw in favor of Jim Barber, the former chief operating officer of UPS.
Although Ancora won three seats on the railroad operator in May, it failed to replace Shaw. Ancora had argued that new management was needed to improve the Atlanta, Georgia-based company’s financial and operational metrics.
Shaw has served as CEO of Norfolk Southern (NSC) since May 2022, succeeding Jim Squires. Over thirty years of experience In the company in marketing, operations and finance.
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