8-KLeadership ChangesRegulation FDExhibits & Filings

UNION PACIFIC CORP 8-K Report, Executive Changes (Oct 20, 2020)

Filed October 20, 2020For Securities:UNP

Summary

Union Pacific Corporation (UNP) announced a significant leadership transition, effective January 1, 2021. Chief Operating Officer Jim Vena will move to the role of Senior Advisor to the Chairman, focusing on key operational initiatives and assisting with the handover of responsibilities. Mr. Vena will serve in this advisory capacity until June 30, 2021, ensuring continuity in critical projects like the intermodal end-to-end product and capital expenditures. Concurrently, the company has appointed Eric J. Gehringer as the new Executive Vice President Operations for Union Pacific Railroad. Mr. Gehringer, a 15-year veteran of the company with extensive experience in engineering and operations, will step into this role from his current position as Senior Vice President Transportation. This leadership change is intended to maintain operational strength and drive strategic projects forward.

Key Highlights

  • 1Jim Vena, COO, transitions to Senior Advisor to the Chairman effective January 1, 2021, through June 30, 2021.
  • 2Mr. Vena will continue to oversee key operational initiatives, including intermodal, engineering resources, and capital projects.
  • 3Eric J. Gehringer appointed Executive Vice President Operations, effective January 1, 2021.
  • 4Mr. Gehringer, age 41, has 15 years of experience at Union Pacific in various engineering and operating roles.
  • 5Mr. Gehringer's compensation for 2021 will include a base salary of $400,000, with bonus and other compensation to be determined.
  • 6The company issued a press release on October 20, 2020, detailing these leadership changes.

Frequently Asked Questions

Jim Vena is transitioning from Chief Operating Officer to Senior Advisor to the Chairman to ensure continuity in overseeing critical railroad operations and capital projects, while also assisting with the smooth handover of responsibilities to his successor.

The filing does not state that Jim Vena is being directly replaced as Chief Operating Officer. Instead, Eric J. Gehringer is appointed as Executive Vice President Operations, effective January 1, 2021, taking on significant operational leadership responsibilities. Mr. Vena will continue to advise on strategic operational matters.

Eric J. Gehringer, age 41, has been with Union Pacific for 15 years. He currently serves as Senior Vice President Transportation and has held various leadership positions in engineering and operations, including Vice President of Mechanical and Engineering and Assistant Vice President of Engineering.

Mr. Gehringer's target bonus and other compensation for 2021 will be set by the Board in February 2021, consistent with the company's annual compensation program. His annual base salary is set at $400,000.