Norfolk Southern sets salary and bonus for newly promoted CEO after firing Alan Shaw
Norfolk Southern said Thursday that its new CEO’s salary will jump to $1 million now that Mark George has been promoted from chief financial officer, and he will be eligible for a $2.25 million bonus and significant stock awards for performance
By JOSH FUNK
Published - Sep 12, 2024, 11:43 AM ET
Last Updated - Dec 16, 2024, 07:18 PM EST
Norfolk Southern said Thursday that its new CEO's salary will jump to $1 million now that Mark George has been promoted from chief financial officer, and he will be eligible for a $2.25 million bonus and significant stock awards for performance.
George was previously making $675,000 as CFO, but he got the top job at the railroad Wednesday after Norfolk Southern's board fired Alan Shaw for having an inappropriate consensual relationship with the chief legal officer.
The Atlanta-based railroad disclosed the details of George's compensation in a filing with the Securities and Exchange Commission.
Norfolk Southern said Shaw won't receive any severance and will have to forfeit any outstanding stock awards because he was fired for cause.
