Union Pacific CEO takes medical leave
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.
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