Norfolk Southern board investigating Shaw for alleged misconduct

Norfolk Southern Corp. yesterday acknowledged in a statement that its board is investigating alleged misconduct by President and CEO Alan Shaw.

The investigation focuses on alleged conduct that is "inconsistent" with the company's ethics code and policy, according to the statement. Although the statement didn't specify what the alleged misconduct entails, CNBC reported yesterday that it focuses on allegations that Shaw engaged in an "inappropriate workplace relationship."

Allegations of misconduct are thoroughly investigated, company officials said. The company's ethics code includes resources for employees to anonymously report concerns, including through its ethics and compliance hotline, they added.

The board's audit committee has retained a law firm to investigate the allegations.