John J. “Jack” Koraleski, who is serving as Union Pacific's chief executive while Jim Young undergoes cancer treatment, was named to the company's board of directors Thursday.
Koraleski, who took over the railroad's CEO post in early March, has a “unique combination of expertise and vision” that will “complement the business acumen and experience of our board members,” Young said in a statement. He continues to serve as U.P.'s board chairman.
Young called the election “a vote of confidence” in Koraleski's ability to lead the company.
The appointment brings U.P.'s board to 14 members. According to the company's bylaws, that is the maximum number of directors the company can have at one time.
Additionally, U.P.'s bylaws state that the extension of any newly-appointed director's membership will be put to a shareholder vote at the next annual meeting.
Koraleski started at the Omaha-based railroad in 1972, holding multiple executive jobs including controller, chief financial officer, executive vice president of finance and information technology, and — before being named CEO — vice president of marketing and sales.
Young took a leave of absence from CEO duties to receive treatment for pancreatic cancer.
Union Pacific also announced Thursday a 60-cent dividend to be paid on Oct. 1 for shareholders of record as of Aug. 31, 2012.
Contact the writer: 402-444-1414, email@example.com, twitter.com/rossboettcher