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Norfolk Southern CEO Alan Shaw sold $448,000 worth of the company’s stock this week, a month after the toxic train derailment in East Palestine, Ohio, that is still being cleaned up.
Shaw’s stock sale came the same week the company announced Shaw had personally set up a $445,000 scholarship endowment fund for seniors at East Palestine High School that an unspecified number of students will be able to use to attend college or vocational schools.
The stock sale was completed under terms of a pre-arranged plan put in place in May 2022, shortly after he was promoted to CEO. Company insiders often have such plans in place so that they can sell stock and not worry about trades being made with the benefit of insider information, which would be illegal.
In Shaw’s plan, he sells 2,000 shares of Norfolk Southern shares every three months. He sold 1,000 shares on June 1, a couple of weeks after setting up the plan, and then 2,000 shares on September 1, December 1 and March 1.
