Norfolk Southern CFO Marta Stewart leaves

  • Signs for push-out forces
  • After almost four years on the job
  • Laud, praise, thanks and good wishes for Stewart
  • Search for a successor
  • Stewart said 54 words

(exechange) — Norfolk, Virginia, April 26, 2017 — Marta Stewart, finance chief of Norfolk Southern, leaves. As announced by Norfolk Southern Corporation in a news release and in a regulatory filing published on Wednesday, April 26, 2017, Marta R. Stewart leaves the post as chief financial officer at the transport company in a surprising move after almost four years on the job, effective August 01, 2017.

Stewart’s move comes 19 months after James A. Squires took over as chairman of Norfolk Southern Corporation.

Norfolk Southern will undertake a search for a successor.

No reason given

In the announcement, Norfolk Southern did not explicitly explain the reason for Stewart’s move, opening the door for speculation.

Precise information about the future plans of Stewart was not immediately available.


Norfolk Southern said: “On April 21, 2017, Marta R. Stewart provided the Board of Directors notice of her intent to retire from her position as Executive Vice President and Chief Financial Officer of Norfolk Southern effective August 1, 2017.”

Share price rise since January 2016

The change follows a rise in the share price of Norfolk Southern Corporation since January 2016.

Chaired by James A. Squires

Norfolk Southern Corporation is chaired by James A. Squires.

Squires has been president of Norfolk Southern since 2013 and chief executive officer since June 2015. He was named Chairman of the Board of Norfolk Southern in October 2015.

On the job as CFO since 2013

Marta R. Stewart has been the Chief Financial Officer and Executive Vice President of finance at Norfolk Southern Corporation since November 1, 2013.

Stewart joined Norfolk Southern in 1983 and served in several finance positions before being named vice president and controller in 2003 and then vice president and treasurer in 2009.

She holds a bachelor’s degree in accounting from The College of William & Mary and is a Certified Public Accountant.


Generally speaking, when a top manager announces to step down with no successor in place, it is a signal that the move was unplanned and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Marta Stewart’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 18.2017 ($).