Norfolk Southern has named CFO Mark George as its president and CEO, effective immediately. In conjunction, the company has also appointed Jason Zampi, previously senior vice president of finance and treasurer, as acting CFO.
George has been with Norfolk Southern for nearly five years. Before assuming the CFO role in 2019, he held multiple CFO positions over the past 20 years, with much of his experience rooted in FP&A-centric roles.
George also has CEO experience, having served as interim CEO of Otis Elevator in 2017, according to his LinkedIn profile.
Zampi’s interim status follows a recent promotion to his most recent role. He has extensive experience with Norfolk Southern since joining the company in 2011. Zampi has held leadership roles of increasing responsibility within its finance and accounting functions since joining the company.
The leadership shift follows the termination of the company’s previous CEO, Alan Shaw, after an internal investigation revealed an inappropriate relationship with Nabanita Nag, the company’s executive vice president of corporate affairs, chief legal officer and corporate secretary. Nag was also terminated as a result of the investigation.
Shaw and Nag were both heavily involved in the proceedings following the train derailment in East Palestine, Ohio, a catastrophe that saw Shaw survive a board vote to remain in charge.
The company’s ethics policies played a key role in Shaw’s firing. Although Shaw had remained in charge after the derailment in February 2023, which released toxic chemicals into the environment, the board presumably concluded that his involvement in a “controlled burn of hazardous materials” was not sufficient grounds for his removal at the time. However, the recent revelations regarding the leadership group’s integrity as a whole prompted the enforcement of ethics policies, leading to Shaw’s dismissal.
“The board has full confidence in Mark and his ability to continue delivering on our commitments to shareholders and other stakeholders,” Claude Mongeau, chairman of the Norfolk Southern board, said in a release. “[George] 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.”
