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NEW YORK (AP) — Norfolk Southern named company President James Squires as its next CEO, the railroad company said Monday.
Squires will replace 63-year-old Charles "Wick" Moorman on June 1. Moorman, who has been CEO for about nine years, will stay on as executive chairman of the company's board.
Squires, 53, joined Norfolk Southern in 1992. He has held several positions in the law department. He was named president in 2013.
Norfolk Southern operates about 20,000 miles of railroad around the country. It transports coal, auto and industrial products. In its fourth quarter, the company reported profit that was slightly lower from a year ago as coal demand weakened from utilities and export markets.
Shares of Norfolk Southern Corp., based in Norfolk, Virginia, rose 58 cents to $109.74 in morning trading Monday. Its shares are up more than 19 percent in the last 12 months.
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