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

In January, George is eligible to receive a long-term incentive award of $10 million in stock.

The railroad said Shaw’s firing had nothing to do with the company’s financial performance and that it expects to continue to meet its goals for this year as George continues the planned turnaround of operations that began in the spring while Norfolk Southern fought off activist investor Ancora Holdings. Ancora was able to elect three directors, but not enough to take control of the railroad and fire Shaw as it recommended.

Norfolk Southern is one of the six largest railroads in the country, with tracks traversing the eastern United States.