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.

George was previously making $675,000 as CFO, but he got the top job at the railroad Wednesday after Norfolk Southern's board fired Alan Shaw for having an inappropriate consensual relationship with the chief legal officer.

The Atlanta-based railroad disclosed the details of George's compensation in a filing with the Securities and Exchange Commission.

Norfolk Southern said Shaw won't receive any severance and will have to forfeit any outstanding stock awards because he was fired for cause. The railroad said Shaw's firing was unrelated to the company's financial performance.

Norfolk Southern said George will also receive $4 million in stock grants.

In January, George will be eligible for a long-term incentive grant of $10 million in stock.

Norfolk Southern is one of the nation's six largest railroads with tracks crossing the eastern United States.

FILE - Norfolk Southern Railroad CEO Alan Shaw speaks during an interview Wednesday, June 21, 2023, in Atlanta. (AP Photo/John Bazemore, File)