Subscribe to our free, weekly email newsletter!


Union Pacific CEO takes medical leave

By Staff
March 02, 2012

Earlier today, Class I railroad carrier Union Pacific (UP) reported that Chairman, President and CEO James R. Young is taking a medical leave of absence while being treated for pancreatic cancer.

Company officials said he will remain chairman of UP’s board during his treatment.

During his absence, Young’s duties will be assumed by John J. Koraleski, Union Pacific executive vice president-Marketing and Sales, whom will serve as acting president and CEO.

“The board has a great deal of confidence in Jack, Rob Knight our CFO, Lance Fritz our head of operations, and the entire management team,” said Steven Rogel, Union Pacific’s lead independent director, in a statement. “We are confident that our company will continue to provide great service to our customers while meeting the financial and safety objectives we have set for ourselves and our shareholders expect.”

Koraleski joined the company in 1972 and has served as controller of Union Pacific Corporation and executive vice president-finance and chief financial officer of Union Pacific Railroad.  And he also has held positions in the railroad’s information technologies, real-estate, and administrative departments.

“As Jim undergoes his treatment, he has the prayers and support of all 45,000 employees of the UP Team. Our commitment to him, our customers, and our shareholders is continued strong performance of our Company and another record-setting year for Union Pacific,” Koraleski said in a statement.

In January, UP reported fourth quarter net income of $964 million, or $1.99 per diluted share, compared to $775 million, or $1.56 per diluted share, in the fourth quarter 2010. And for all of 2011 2011, it reported net income of $3.3 billion or $6.72 per diluted share. This compares to $2.8 billion or $5.53 per diluted share in 2010, 18 and 22 percent increases, respectively, according to UP.

Subscribe to Logistics Management magazine

Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your
entire logistics operation.
Start your FREE subscription today!

Recent Entries

Shippers and other ocean cargo carrier stakeholders should be cheering the announcement made today by The U.S. Coast Guard, as it formally notified the International Maritime Organization through a Declaration of Equivalency that the United States position on SOLAS is that there are multiple methods to submit the combined cargo and container weight (Verified Gross Mass or VGM).

The proposed $4.8 billion acquisition of TNT Express N.V. by FedEx took a major step closer to becoming official today, with the company and TNT announcing today that they have received unconditional approval of the offer from the Ministry of Commerce People’s Republic of China (MOCFCOM).

March shipments at 798,180 trailed February by 12 percent and were down 19 percent annually. For the entire first quarter, shipments were relatively flat annually, rising 0.27 percent to 2,587,988.

OCEMA says it has placed a priority on working with other stakeholders to find operational solutions that will help U.S. exporters, carriers, and marine terminals prepare for the implementation of the SOLAS Verified Gross Mass (VGM) rule.

The first quarter is typically the slowest period of freight demand for LTL carriers. With a few notable exceptions, that was reflected in first quarter earnings reports of the major publicly held LTL carriers.

Article Topics

News · Railroad · Rail Freight · Union Pacific · All topics

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2016 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA