UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 6, 2014 (January 31, 2014)
Union Pacific Corporation
(Exact name of registrant as specified in its charter)
| Utah | 1-6075 | 13-2626465 | ||
| (State or other jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 1400 Douglas Street, Omaha, Nebraska | 68179 | |||
| (Address of principal executive offices) | (Zip Code) | |||
(Registrant’s telephone number, including area code): (402) 544-5000
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
James R. Young, Executive Chairman of the Board, and a named executive officer of Union Pacific Corporation (the “Company”), retired as an executive officer of the Company, effective January 31, 2014. He will continue to serve as the non-executive Chairman of the Board.
On February 6, 2014, the Board of Directors of the Company elected Lance M. Fritz as President and Chief Operating Officer of Union Pacific Railroad Company, the principal operating subsidiary of the Company (the “Railroad”).
Mr. Fritz, 51, joined the Railroad in 2000 in the Marketing Department. Mr. Fritz held several executive positions in the Railroad’s Operating Department from 2005 through 2008. He became Vice President-Labor Relations in 2008 and then Vice President-Operations in January 2010. Mr. Fritz was elected Executive Vice President-Operations in September 2010.
Mr. John J. Koraleski will remain Chief Executive Officer of the Railroad and Chief Executive Officer and President of the Company.
In connection with Mr. Young’s retirement and in consideration for his services to the Company, the Compensation and Benefits Committee (the “Committee”) of the Board of Directors waived the continuous employment and service provisions with respect to outstanding retention units, stock options, and performance units previously granted to Mr. Young; other than with respect to the employment and service provisions, such stock units and stock options otherwise will continue to vest and be payable in accordance with the terms of the original agreements. As a non-employee director of the Company, Mr. Young will receive the annual retainer payable to all of the Company’s non-employee directors, along with a $25,000 annual retainer for his on-going service as Chairman of the Board.
In connection with the promotion of Mr. Fritz, the Board, acting upon the recommendation of the Committee, authorized the increase of his salary to $643,000 per year. Mr. Fritz will continue to be eligible to participate in the stock and other incentive plans and programs of the Company.
Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release relating to the foregoing announcements, dated February 6, 2014, is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release of Union Pacific Corporation, dated February 6, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 6, 2014
| UNION PACIFIC CORPORATION | ||
| By: | /s/ James J. Theisen, Jr. | |
| James J. Theisen, Jr. | ||
| Associate General Counsel | ||
Exhibit Index
| 99.1 | Press Release of Union Pacific Corporation, dated February 6, 2014 |
Exhibit 99.1
Lance M. Fritz Elected Union Pacific President and Chief Operating Officer;
Jim R. Young Retires but Continues as Non-Executive Chairman of the Board
For Immediate Release
OMAHA, Neb., February 6, 2014 – Union Pacific Corporation today announced that Lance M. Fritz has been elected president and chief operating officer of Union Pacific Railroad. Fritz most recently was executive vice president - Operations. Cameron A. Scott has been named to succeed Fritz. The appointments are effective immediately.
The company also announced that Jim R. Young has retired as an employee but will continue to serve as chairman of the company’s board of directors in a non-executive role.
In his new position, Fritz is responsible for operations, marketing and sales, information technology, continuous improvement, supply, and labor relations. He will report to Jack Koraleski, chief executive officer of the railroad and President and CEO of Union Pacific Corporation.
Fritz joined Union Pacific in 2000 as vice president and general manager of the energy group. He was named regional vice president - Operations, first for the northern region and then the southern region in 2006. He served as vice president of labor relations prior to being named vice president - Operations in 2008. He was named executive vice president - Operations in 2010. Prior to joining Union Pacific, Fritz worked for Fiskars, Inc., Cooper Industries, and General Electric. He is a graduate of Bucknell University and earned a master’s degree in management from the Kellogg School of Management at Northwestern University.
He serves on a number of industry boards and committees, as well as the United Way of the Midlands board. Fritz is a past board member of the Girl Scouts Spirit of Nebraska and served as Program Chair at the 2013 U.S. Senior Open.
Scott most recently served as vice president network planning and operations. He joined Union Pacific in 1991 and held a number of operating assignments, including regional vice president - Operations for the western region. He is a graduate of Arizona State University and earned an MBA from the University of Texas. Scott currently is serving as chair of the 2014 American Heart Association’s Omaha-Council Bluffs Heart Walk.
Young retired from the company January 31 but will remain on the company’s board as its non-executive chairman. Young had served as president, chairman, and chief executive officer of Union Pacific since 2007. He stepped down as president and CEO in 2012 for medical reasons but remained as chairman of the board.
In commenting on these appointments, Koraleski said, “Our entire management team is focused on safely providing great service to our customers while providing strong financial results to our shareholders. These appointments reinforce this commitment and I am looking forward to our continued success in 2014 and beyond.”
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About Union Pacific
Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America’s most recognized companies, Union Pacific Railroad connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. From 2007-2013, Union Pacific invested more than $21.6 billion in its network and operations to support America’s transportation infrastructure. The railroad’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada’s rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.
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