Rail transportation provider Union Pacific Corp. (UNP) said Friday that James Young will take a medical leave of absence from his responsibilities as the company's president and chief executive officer while he is being treated for recently diagnosed pancreatic cancer. However, Young will remain chairman of the board during his treatment.
The Omaha, Nebraska-based company said that John Koraleski, executive vice president for marketing and sales, will serve as acting president and CEO during Young's absence.
James Young was elected chairman of Union Pacific Corp. in January 2007, and president and CEO in November 2005. Prior to these appointments, he was president and chief operating officer of Union Pacific Railroad, a position he was elected to in January 2004. He was elected a director of Union Pacific Corporation in February 2005.
Young began his railroad career with Union Pacific in 1978 and has held a variety of management positions.
"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. Since joining Union Pacific in 1972, Koraleski has held a number of executive positions including controller of Union Pacific Corp. 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.
Union Pacific said that the use of a medical leave of absence by the CEO 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 company added that the policy and the assignment of an acting CEO are reviewed regularly by the board's corporate governance and nominating committee.
In Friday's regular session, UNP is trading at $111.12, down $0.41 or 0.37 percent on a volume of 232,003 shares.
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