Norfolk Southern Corp. Chairman and CEO James A. Squires plans to retire on May 1, 2022. Executive Vice President and Chief Marketing Officer Alan H. Shaw will become CEO.
As part of the company’s planned succession process, the board of directors has elected Shaw to the role of president, effective immediately. The company’s executive leadership team now reports to Shaw.
“Jim is retiring at the top of his game,” Steven F. Leer, Norfolk Southern’s lead independent director, said in a news release. “Thanks to Jim’s leadership, Norfolk Southern has a strong foundation for continued success. During his tenure he has increased shareholder value by more than $30 billion, implemented precision scheduled railroading, led the company through a freight recession and global pandemic, and brought company leadership together in a new, state-of-the-art Atlanta headquarters.”
Squires and Shaw will continue to work closely together over the next five months to complete a smooth transition, the company announced.
“This is the right moment for a leadership transition,” Squires said in a news release. “The company is in rock-solid position, I’ve accomplished what I set out to achieve, and our board of directors has identified the right leader in Alan Shaw to guide Norfolk Southern in its next chapter of success and value creation.”
