Norfolk
Southern names Jim Squires chief executive officer
NORFOLK,
Va., March 2, 2015 -- Norfolk Southern Corporation (NYSE: NSC) today announced
that James A. Squires will succeed Charles W. “Wick” Moorman as chief executive
officer. The action by the company’s board of directors is part of its planned
succession process and will be effective June 1, 2015.
Squires
will continue in his current capacity as president and with all major divisions
reporting to him, while Moorman will continue as executive chairman of the board
of directors. Moorman and Squires will work closely together to ensure a
seamless transition of leadership responsibilities.
“Jim
has the right experience and vision to advance Norfolk Southern’s traditions of
safety and service,” said Steven F. Leer, NS’ lead independent director. “NS is
well-positioned to continue leading and innovating, and the board of directors
is confident in the ability of the entire Thoroughbred team to deliver for our
customers, shareholders, and communities.”
“Building
on our record results in 2014, we are entering a great new time of performance
and possibilities,” Moorman said. “Thanks to the dedication of Norfolk Southern
people, the support of our customers and business partners, and the outstanding
leadership team in place at Norfolk Southern – led by Jim Squires – I am
confident that the company is poised for continued growth, success, and
shareholder value creation.”
“Leading
NS is an incredible honor,” Squires said. “I join our 30,000 employees in
pledging that we will do everything possible to exceed the expectations of our
shareholders and the people and businesses who depend on us. We welcome that
opportunity, and we will meet that challenge.”
Squires,
53, joined Norfolk Southern in 1992 and served in several law positions before
being named vice president law in 2003, senior vice president law in 2004,
senior vice president financial planning in 2006, executive vice president
finance in 2007, executive vice president administration in 2012, and president
in 2013.
Virginia
Business magazine recognized Squires with its CFO Award for Publicly Traded
Companies in Virginia in 2011. Appointed by then Governor Tim Kaine, Squires
also served as chairman of Virginia's Transportation Accountability Commission.
A
native of Hollis, N.H., Squires is a graduate of Amherst College, where he
received a bachelor of arts in Ancient Greek in 1983. After graduation, he spent
a year as Amherst-Doshisha Fellow at Doshisha University in Kyoto, Japan. He
then served in the U.S. Army from 1985 to 1989. In 1992, he received a Juris
Doctor degree from the University of Chicago Law School, where he has served as
a member of the Visiting Committee.
Moorman
has championed public-private partnerships to create rail infrastructure that
benefits America long-term, led NS’ efforts to improve its environmental
footprint and sustainable business model through “conservation capitalism,” and
was among the earliest freight railroaders to seek more cooperation with the
long-distance passenger and commuter railroads that use freight tracks. He is an
advocate of balanced regulation to best serve the interests of railroads and
their customers.
Said
Leer, “On behalf of the entire board of Norfolk Southern, I thank Wick for his
innumerable contributions as CEO. Wick raises the bar for an entire industry.
His gift is to see where railroads need to go, find workable ways to get there,
and generate the optimism that makes everyone want to get on the train. We will
continue to benefit from that with Wick as board chair.”
A
native of Hattiesburg, Miss., Moorman, 63, joined NS predecessor Southern
Railway in 1970 as a coop student. He was named chairman, president and CEO in
2006, succeeding David R. Goode. In 2011, Railway Age magazine named Moorman
“Railroader of the Year.”
About
Norfolk Southern
Norfolk Southern
Corporation
(NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk
Southern Railway Company subsidiary operates approximately 20,000
route
miles
in 22 states and the District of Columbia, serves every major container port in
the eastern United States, and provides efficient connections to other rail
carriers. Norfolk Southern operates the most extensive intermodal network in the
East and is a major transporter of coal, automotive, and industrial
products.
Media
Inquiries:
Frank Brown, 757-629-2710 (fsbrown@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (InvestorRelations@nscorp.com)