Norfolk Southern’s board is examining allegations that CEO Alan Shaw engaged in an inappropriate workplace relationship, according to three people familiar with the matter.

The probe is in its early stages, and it is possible that no misconduct may be uncovered. The company is working with outside legal advisors on the probe, two of the people said.

Shaw did not return phone calls or text messages requesting comment. Multiple directors, including the chair, former Canadian National Railway CEO Claude Mongeau, also did not return requests for comment.

In addition, multiple spokespeople for the company also did not immediately return requests for comment.

Norfolk Southern’s board has undergone dramatic change over the last few months.

An activist investor earlier this year sought to oust Shaw from the top job at the railroad, over his handling of the toxic East Palestine derailment, the poor performance of Norfolk Southern’s stock and what the activist described as a flawed operating strategy.

Activist Ancora did not manage to fire Shaw, although shareholders did elect three of its candidates to the board, and roughly 36% of shareholders voted against Shaw’s re-election. A spokesperson for Ancora did not return a request for comment.

Shaw has been CEO since 2022. Were Shaw to step down, the two likeliest internal candidates to replace him on an interim basis would be COO John Orr or CFO Mark George.

Orr joined the company in the midst of the proxy fight and has spent a significant amount of time working in the field to turn around the company’s operations. A longtime and respected railroad operator, he was previously an executive at Canadian Pacific Kansas City, but has faced allegations of misconduct that Ancora resurfaced during its campaign. At the time, Norfolk Southern defended Orr’s track record and accused the firm of trying to distract from the qualifications of its own executive candidates.

George has been Norfolk Southern’s CFO for roughly five years, joining the railroad from HVAC maker Carrier.

The company could also look to tap board member Sameh Fahmy, who was previously Orr’s boss and was most recently in charge of the former Kansas City Southern’s precision-scheduled railroading program.

WATCH: Norfolk Southern CEO Alan Shaw on earnings, East Palestine