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March 23, 2017 3:30 PM, EDT

CEO Pay at Norfolk Southern Rises to $8.42 Million

Norfolk Southern

James Squires, chairman, president and CEO of Norfolk Southern, saw the value of his 2016 pay package rise about 5.4%, to $8.42 million from $7.98 million a year earlier, according to documents filed with the Securities and Exchange Commission.

His salary rose to $900,000 from $837,500, a bump of about 7.5%, and he received incentive pay of nearly $725,000.

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Norfolk Southern Corp. released its annual proxy statements March 22, exhaustive records that set the stage for voting at the annual shareholders meetings.

Squires became president of the Norfolk-based railroad in 2013, CEO in June 2015 and chairman in October 2015.

Last year, the railroad’s profit was about $1.7 billion, up 7% from 2015.

According to the documents, Norfolk Southern is moving its yearly meeting to The Main, Norfolk’s new downtown hotel, after holding the gathering at The Williamsburg Lodge in recent years.

The last time the meeting was in Norfolk was 2008.

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