Norfolk Southern

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.

A spokeswoman for the Atlanta-based railroad that is one of North America's six largest declined to offer any additional details about the nature of the allegations against Alan Shaw, who was promoted to the top job in the spring of 2022 after decades at Norfolk Southern.

Most people who received money from Norfolk Southern in the wake of last year's fiery train derailment in eastern Ohio won't have to pay taxes on millions of dollars in aid payments after all.

The Environmental Protection Agency and Justice Department announced the agreement Thursday — two days after a federal judge signed off on the railroad's $600 million class action settlement with residents whose lives were disrupted.

Ancora Holdings had nominated seven directors as part of a bid to take control of the railroad’s 13-member board and overhaul its operations.

Norfolk Southern's profits in the first three months of the year fell short of Wall Street expectations again, even excluding the $600 million settlement it recently announced for people who live near the East Palestine, Ohio, derailment.

The Atlanta-based railroad’s profit was down from $466 million, or $2.04 per share, a year ago even though the railroad delivered 4% more shipments during the quarter.

After the Feb. 3, 2023, derailment, Norfolk Southern accelerated development of the inspection portal and put the first one in Leetonia, near East Palestine.

Norfolk Southern railroad plans to stop paying relocation aid to people displaced by last February's fiery derailment in eastern Ohio right after the one-year anniversary of the crash.

Half of the 5,000 residents of East Palestine were evacuated as emergency personnel burned off some of the chemicals to avert an uncontrolled explosion.