8-KLeadership ChangesExhibits & Filings

UNION PACIFIC CORP 8-K Report, Executive Changes (Nov 14, 2019)

Filed November 14, 2019For Securities:UNP

Summary

Union Pacific Corporation (UNP) announced on November 13, 2019, the election of Christopher J. Williams to its Board of Directors, effective immediately. Mr. Williams brings extensive experience in investment banking and financial services, having founded The Williams Capital Group, L.P. and recently becoming Chairman of Siebert Williams Shank & Co. LLC following a merger. His background includes significant roles at Jefferies & Company and Lehman Brothers, focusing on derivatives, structured finance, and corporate debt capital markets. This appointment is significant as it adds a director with a strong financial services and capital markets perspective to the board. The company confirmed Mr. Williams' independence according to NYSE and company standards, and he has no material relationships or direct interests in any related person transactions. Investors may see this as a move to enhance the board's financial expertise and strategic guidance, particularly concerning capital allocation and financial strategy.

Key Highlights

  • 1Christopher J. Williams elected to Union Pacific's Board of Directors, effective November 13, 2019.
  • 2Mr. Williams, age 61, has a substantial background in investment banking and financial services.
  • 3He founded The Williams Capital Group, L.P. and is now Chairman of Siebert Williams Shank & Co. LLC.
  • 4Prior experience includes leadership roles at Jefferies & Company and Lehman Brothers in derivatives, structured finance, and corporate debt capital markets.
  • 5The Board determined Mr. Williams meets independence standards for the NYSE and the Company.
  • 6Mr. Williams has no material relationship or direct interest in any related person transactions.
  • 7Committee assignments for Mr. Williams will be determined in March 2020 and disclosed in the Proxy Statement.

Frequently Asked Questions

Christopher J. Williams is a new director elected to Union Pacific's Board. He is 61 years old and has a deep background in investment banking and financial services. He founded The Williams Capital Group and most recently became Chairman of Siebert Williams Shank & Co. LLC after a merger. His prior experience includes significant positions at Jefferies & Company and Lehman Brothers, where he focused on areas like derivatives and corporate debt capital markets.

The election of Mr. Williams brings a seasoned financial services expert to the board. His extensive experience in investment banking, capital markets, and financial strategy could provide valuable insights and guidance to Union Pacific, potentially influencing strategic financial decisions and capital allocation. The board's confirmation of his independence suggests he can offer objective perspectives.

No, the Union Pacific Board of Directors has affirmatively determined that Mr. Williams has no material relationship with the Company or its subsidiaries and is independent according to NYSE listing standards and the Company's Director Independence Standards. He also has no direct or indirect material interest in any related person transaction.

Mr. Williams' committee assignments on the Board will be determined in March 2020. These assignments will be disclosed in Union Pacific's upcoming Proxy Statement.