Norfolk Southern has named James Squires chief executive officer, succeeding Wick Moorman. 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 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 co"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 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.
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."
Moorman joined NS predecessor Southern Railway in 1970 as a coop student. He was named chairman, president and CEO in 2006, succeeding David Goode.