Tuesday, March 6, 2012

Union Pacific CEO Taking Medical Leave

Union Pacific Corp. President and CEO James R. Young is taking a medical leave of absence in order to undergo treatment for recently diagnosed pancreatic cancer, the company announced March 2.

Young, 59, is a 34-year veteran of the railroad company. He became UP’s CEO on Dec. 31, 2005.

In his absence, the company’s executive vice president of marketing and sales, John J. Koraleski, has been tapped to serve as acting President and CEO.

“As Jim undergoes his treatment, he has the prayers and support of all 45,000 employees of the UP team,” Koraleski said in a statement announcing the move. “Our commitment to him, our customers, and our shareholders is continued strong performance of our company.”

Since joining the railroad in 1972, Koraleski has held a number of executive positions within the company, including Controller, 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.

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