Norfolk Southern (NSC) Appoints Mark R. George as CEO and President, Reaffirms Guidance

Norfolk Southern Corporation (NYSE: NSC) today announced that the Norfolk Southern Board of Directors has by unanimous vote of the independent directors appointed Mark R. George, the company's Executive Vice President and Chief Financial Officer, as President and Chief Executive Officer, effective immediately. George will also join the Norfolk Southern Board.

George's appointment follows the Norfolk Southern Board's unanimous decision to terminate Alan H. Shaw for cause, effective immediately.

This change in leadership comes in connection with preliminary findings from an ongoing investigation that determined Shaw violated company policies by engaging in a consensual relationship with the company's Chief Legal Officer. Shaw's departure is unrelated to the company's performance, financial reporting and results of operations.

Claude Mongeau, Chairman of the Norfolk Southern Board, said, "The Board has full confidence in Mark and his ability to continue delivering on our commitments to shareholders and other stakeholders. Mark has played an integral role in our recent progress and brings decades of financial experience and strong operational expertise. He embodies our corporate values and is a champion of our safety culture. In close partnership with our accomplished COO, John Orr, they will continue to improve NS' operating performance and close the margin gap with peers."

"I am honored to take on this role and lead Norfolk Southern," said George. "I look forward to my continued partnership with John and the entire Thoroughbred team as we further our progress on optimizing operations and serving our customers, while creating a safe and satisfying workplace and delivering enhanced value for our employees, customers, shareholders, and communities."

In connection with George's appointment as Chief Executive Officer, Norfolk Southern announced that Jason A. Zampi will serve as acting Chief Financial Officer.

Norfolk Southern also announced that Nabanita C. Nag has been terminated from her roles as Executive Vice President Corporate Affairs, Chief Legal Officer & Corporate Secretary, effective immediately, in connection with the preliminary findings of the Board's ongoing investigation. Jason M. Morris will serve as acting Corporate Secretary.

Reaffirms 2024 Guidance
Norfolk Southern reaffirms its full-year 2024 guidance provided on July 25, 2024, in conjunction with its second quarter 2024 financial results.

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