NORFOLK, Va. (WAVY) — Norfolk Southern Corporation will soon have a new CEO.

Norfolk Southern Corporation announced early Saturday that Chairman and CEO James A. Squires is planning to retire on May 1, 2022.

Click here to subscribe to WAVY’s breaking news email alerts

Following Squires’ departure, Executive Vice President and Chief Marketing Officer Alan H. Shaw will become CEO. Norfolk Southern’s board of directors has already elected Shaw to the role of president as part of the company’s planned succession process, effective immediately.

In a press release, Squires says now is “the right moment for a leadership transition.”

“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,” says Squires.

Both will continue to work closely together over the next five months to complete a smooth transition.

Shaw has 27 years of experience at Norfolk Southern in marketing, operations, and finance. He was appointed CMO in May 2015, and has helped the company build the strongest intermodal franchise on the east coast.

Shaw earned a BS in Aerospace Engineering and an MBA from Virginia Tech, and completed the General Management Program at Harvard Business School. He is a Chartered Financial Analyst.

Norfolk Southern recently opened its new state-of-the-art headquarters in Atlanta this month, nearly three years after announcing the move from Norfolk.

During a 2018 news conference, the company said the process of moving its headquarters to Atlanta would take several years.