Summary
Union Pacific Corporation announced a significant addition to its Board of Directors, electing Bhavesh “Bob” V. Patel as a new director effective July 26, 2017. Mr. Patel brings extensive experience as the Chief Executive Officer and Chairman of the Management Board of LyondellBasell Industries N.V., an international chemical company. His appointment is expected to leverage his leadership and industry expertise to benefit Union Pacific's strategic direction and corporate governance. The Board determined Mr. Patel to be an independent director, meeting the stringent requirements of the New York Stock Exchange and the Company's internal standards. This independence assessment included a review of LyondellBasell's customer relationship with Union Pacific Railroad, confirming that such business represented less than 2% of consolidated gross revenues for both companies in recent years. Mr. Patel has also been appointed to serve on the Finance Committee and the Compensation and Benefits Committee, indicating a direct role in key areas of corporate oversight and financial strategy.
Key Highlights
- 1Union Pacific Corporation elected Bhavesh “Bob” V. Patel to its Board of Directors, effective July 26, 2017.
- 2Mr. Patel's background includes serving as CEO and Chairman of LyondellBasell Industries N.V., a major international chemical company.
- 3The Board determined Mr. Patel to be an independent director, adhering to NYSE and Company standards.
- 4Mr. Patel's independence was confirmed despite LyondellBasell being a customer of Union Pacific Railroad, with business representing less than 2% of revenue.
- 5He has been appointed to serve on the Finance Committee and the Compensation and Benefits Committee of the Board.
- 6The election is intended to enhance the Board's expertise and oversight with a seasoned executive from a significant industry.