UP CEO Jim Young taking leave-of-absence

OMAHA — Union Pacific CEO Jim Young announced March 2 that he will take a medical leave of absence to be treated for recently diagnosed pancreatic cancer.

John J. Koraleski, executive vice president for marketing and sales will serve as acting president and CEO during Young’s absence.

Since joining UP in 1972, Koraleski has held a number of executive positions including controller of Union Pacific Corporation and executive vice president-finance and chief financial officer of Union Pacific Railroad. He also has held positions in the railroad’s information technologies, real-estate, and administrative departments. 
 
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 

Pursuant to a
long-established plan for such situations, John J. Koraleski, executive vice
president-Marketing and Sales, will serve as acting president and CEO during
Mr. Young’s absence.

Steven Rogel,
Union Pacific’s lead independent director, said: “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. 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.”

Since joining
the railroad in 1972, Koraleski has held a number of executive positions
including controller of Union Pacific Corporation and executive vice
president-finance and chief financial officer of Union Pacific Railroad. He
also has held positions in the railroad’s information technologies,
real-estate, and administrative departments. He earned both a bachelor’s and
master’s degree in business administration from the University of Nebraska at
Omaha.

“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.

The use of a
medical leave of absence by the chief executive officer is consistent with
company policy established several years ago by the board of directors to
ensure management continuity in the case of a change in the status of the CEO.
The policy and the assignment of an acting CEO are reviewed regularly by the
board’s corporate governance and nominating committee.