Railroad Norfolk Southern says James Squires will replace Charles Moorman as CEO

MarketsAssociated Press

Norfolk Southern has named company President James Squires as its next CEO.

The railroad company says Squires will replace 63-year-old Charles Moorman on June 1. Moorman, who has been CEO for about nine years, will stay on as executive chairman of the company's board.

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Squires, 53, joined Norfolk Southern in 1992. He has held several positions in the law department. He was named president in 2013.

Shares of Norfolk Southern Corp., based in Norfolk, Virginia, rose 58 cents to $109.74 in morning trading Monday.