Summary
Union Pacific Corporation (UNP) filed an 8-K report on January 30, 2007, announcing a significant leadership change. Richard K. Davidson, the Chairman of the Board, retired after a distinguished 47-year career with the company. This transition marks the end of an era for a long-standing executive. In response to Mr. Davidson's retirement, the Board of Directors has elected James R. Young to succeed him as Chairman of the Board, effective January 31, 2007. Mr. Young, already serving as President and Chief Executive Officer and a member of the Board, will now consolidate these key leadership roles, also taking on the Chairman position for Union Pacific Railroad Company, the company's primary operating subsidiary. This move signals a smooth, internal succession at the highest levels of the organization.
Key Highlights
- 1Richard K. Davidson, Chairman of the Board, retired effective January 31, 2007, concluding a 47-year tenure.
- 2James R. Young has been elected as the new Chairman of the Board, effective January 31, 2007.
- 3Mr. Young will continue in his roles as President and Chief Executive Officer of Union Pacific Corporation.
- 4Mr. Young will also assume the role of Chairman of the Board of Union Pacific Railroad Company.
- 5The transition indicates an internal succession plan for key leadership positions.
- 6The Board of Directors of the Corporation also serves as the Board for the Railroad Company.