Effective October 1, the board of directors of Union Pacific (UP) has elected Lance M. Fritz as the company’s chairman, president and chief executive officer, succeeding John J. (Jack) Koraleski who will retire September 30. On February 5, 2015, Fritz was elected president and chief executive officer and at that time was elected to the corporation’s board of directors.
“Lance has demonstrated the leadership skills and vision necessary to create value for all of our stakeholders,” said Steven Rogel, UP’s lead independent director. “Following a thorough review of our governance structure, we determined that now is the right time for Lance to become chairman. The board supports the strategy and direction he is setting for Union Pacific and is confident we have the best management team in place to continue delivering industry-leading customer service and strong shareholder returns.”
Fritz began his career at UP in July 2000 as vice president and general manager energy. He served as UP president and chief operating officer since 2014 and executive vice president operations from 2010 to 2014. Prior to that, he was vice president labor relations, regional vice president – southern region, and regional vice president – northern region.
Jack Koraleski will retire after 43 years at UP, where he served in several positions, including executive chairman; chairman, president and chief executive officer; executive vice president marketing and sales; and executive vice president finance and information technology.
Koraleski was named by Institutional Investor as 2014′s number one chief executive officer in the Airfreight and Surface Transportation sector. His advocacy was critical in helping UP form its women’s employee resource group more than 20 years ago.
“On behalf of the entire board, I want to express our sincere thanks to Jack for his leadership, dedication, and contributions. His retirement will mark a long and successful career that made Union Pacific a stronger company than when he joined it. We wish him the best,” Rogel said.
UP’s board of directors also announced the appointments of Scott D. Moore as senior vice president corporate relations and Todd M. Rynaski as chief accounting officer, vice president and controller.
Moore was elected senior vice president corporate relations, effective September 1, succeeding Robert W. (Bob) Turner, who plans to retire on October 1. In his new position, Moore will be responsible for internal and external communications, public affairs, media relations, brand management and advertising, and he will serve as president of the Union Pacific Foundation.
Moore has been vice president public affairs for UP’s western region, based in Roseville, Calif., since August 2007. He joined UP in 2000 as director government affairs. He is a former Nebraska Secretary of State and a state senator.
Turner joined UP in 2000. He developed UP’s award-winning Building America campaign that remains in the company’s culture today. He built the company’s public affairs organization that serves all 23 states in which UP operates and is president of the Union Pacific Foundation.
“Bob Turner made many significant contributions to Union Pacific, especially in building relationships with the more than 7,300 communities we serve,” Fritz said. “We will miss his insights and guidance but wish him all the best in his retirement.”
Rynaski has been appointed chief accounting officer, vice president and controller, effective September 1, succeeding Jeffrey P. Totusek, who plans to retire in 2016. Rynaski has been assistant vice president accounting since January 2014. Prior to that, he was assistant vice president financial reporting and analysis. Rynaski joined UP in 1995 and held positions in corporate audit, planning and analysis, revenue accounting, and information technology.
Totusek, who joined UP in 1985, will help transition the vice president and controller responsibilities as vice president finance until he retires. He has served as chief accounting officer, vice president and controller since January 2008. Prior to that, he was assistant vice president financial analysis since 1998.
“Jeff Totusek’s combination of business knowledge and financial acumen has been instrumental in Union Pacific’s success, particularly in his role as chief accounting officer,” Fritz said. “We will benefit greatly from his support during this transition period.”