Norfolk Southern Corp. (NSC) said Chief Financial Officer John P. Rathbone will retire later this year and will be succeeded by Marta R. Stewart.<br /><br />The railroad company said Mr. Rathbone will retire Nov. 1 after a 32-year career in the company's finance and administrative divisions. He became the company's CFO in 2012.<br /><br />Ms. Stewart, meanwhile, joined Norfolk Southern in 1983 and most recently served as vice president and treasurer since 2009.<br /><br />"We thank John Rathbone for his leadership, counsel and numerous contributions that have been instrumental in building today's Norfolk Southern," said Chief Executive Wick Moorman. "I am confident that our company's history of financial excellence will be in good hands with Marta Stewart."<br /><br />Railroad companies have been hurt by a slump in coal demand from domestic utilities as a result of low-cost natural gas and high coal stockpiles.<br /><br />In July, Norfolk Southern reported second-quarter profit slid 11% due to higher railway operating expenses and as weak demand for coal dragged on the company's top line.<br /><br />Shares closed Friday at $77.72 and were unchanged in after-hours trading. Through the close, the stock has risen 26% since the start of the year. 