- Beth Whited named president
- Mike McCarthy elected chairman
of the Board
OMAHA,
Neb., July 26, 2023 /PRNewswire/ -- Union
Pacific Corporation (NYSE: UNP) today announced Jim Vena has been appointed as chief executive
officer and a member of the Board, effective August 14, 2023.
The company also announced that Beth
Whited, Union Pacific's executive vice president,
sustainability and strategy and chief human resources officer, has
been appointed as president, reporting to Vena. Mike McCarthy, Union Pacific's lead independent
director, has been elected as chairman of the Board. These
leadership changes are effective August 14,
2023, and reflect a strong focus on driving growth,
improving service, and enhancing safety across the company's rail
system.
Vena succeeds Lance Fritz, who is
stepping down as chairman, president and chief executive officer.
Going forward, the operations, finance, marketing and
sales, supply chain, and technology functions will report directly
to Vena. Whited's responsibilities will include the strategy,
workforce resources, sustainability, law, corporate relations and
government affairs functions.
Vena has more than 40 years of industry experience and is
returning to Union Pacific after serving as its chief operating
officer from 2019-2020 and as a senior advisor to the chairman in
2021.
"One of the most vital characteristics we considered as we
conducted the search to identify the next CEO was extensive
railroad operating experience," said McCarthy. "Jim has that and
more. After a comprehensive search process, the Board unanimously
determined that his track record of operating excellence was
unparalleled, and he is the right candidate for the job."
McCarthy continued, "In addition to his 40-plus year career with
Canadian National, Jim knows Union Pacific's operations firsthand,
demonstrates the ability to deliver strong results, and is
passionate about returning to the Union Pacific team. Under Jim's
leadership, the Board looks forward to continued success driving
safety and service improvements, generating greater shareholder
returns, and creating value for all stakeholders."
"I am excited about returning to Union Pacific and look forward
to the journey to be the safest, most reliable and most efficient
railroad in the industry," said Vena. "Working closely with the
entire team, my focus from day one will be to ensure the Company
delivers industry-leading customer and operating excellence,
cultivates and empowers our employees, and cares for the
communities in which we operate. These efforts will generate strong
shareholder returns."
Whited has been with Union Pacific for more than 35 years and
has held leadership roles across multiple departments.
"Beth has been key to Union Pacific's transformation over many
years across numerous functions. Her award-winning work driving
sustainability and workforce development helped the company advance
its culture and distinguish itself from peers," McCarthy added.
Whited commented, "I care deeply about the Union Pacific team
and the many stakeholders who rely upon us. I am very proud of what
we stand for and am looking forward to continuing my career at a
company that has been transformational to our world and my life. I
look forward to working with Jim and the rest of our team as we
strive to make Union Pacific one of the strongest franchises in
America."
"I'd like to express my deep appreciation to the stakeholders of
Union Pacific for giving me the privilege of leading this historic
company for the past eight years," said Fritz. "I am pleased by the
progress we've made together to enhance value for our stakeholders
and chart a strong path forward. I welcome Jim back to Union
Pacific, and am confident that we have the right leaders to advance
the hard work underway."
"The Board is grateful to Lance for his leadership over the last
eight years. Lance successfully positioned Union Pacific for
long-term success, and we wish him the very best in his next
chapter," McCarthy continued.
About Jim Vena
Vena previously served as a Senior Advisor to the Chairman of
Union Pacific in 2021 and as Chief Operating Officer from 2019 to
2021. During his time as Chief Operating Officer of Union Pacific,
Vena oversaw a team that achieved efficiency savings of over
$1 billion and delivered the best
service product in the company's history.
Prior to that, Vena spent over four decades at Canadian National
Railway, a leading North American Transportation and Logistics
company, most recently serving as Executive Vice President and
Chief Operating Officer from 2013 to 2016. During Vena's tenure as
Executive Vice President and Chief Operating Officer, Canadian
National generated the North American rail industry's best
operating ratio and achieved the best safety incident ratio in its
history. Vena started his 40-year railroad career with Canadian
National as a brakeman. He progressively held roles of increasing
responsibility, including in various senior management positions
across operations, marketing and sales.
Vena is a member of the FedEx Board of Directors where he serves
on the Audit and Finance and Governance, Safety and Public Policy
committees, and DCLI (Direct ChassisLink, Inc.), a privately held
company, where he serves as Chair of the Audit Committee. He
received a Bachelor of Science degree in Mathematics and Chemistry
from the University of Alberta and an
AGDM (Advanced Graduate Diploma in Management) degree from
Athabasca University.
About Beth Whited
Whited has served as Executive Vice President-Sustainability and
Strategy since February 2022. In this
role, she helped lead the development and implementation of Union
Pacific's strategic vision as it strives to become the nation's No.
1 supply chain logistics provider and oversees its sustainability
initiatives, guiding the railroad's efforts to reach net zero by
2050. She previously served as Chief Human Resource Officer,
leading the Workforce Resources team's pioneering efforts to
provide a world-class employee experience. Whited had served as
Executive Vice President and Chief Human Resource Officer since
2018 and was responsible for Union Pacific's human resources and
labor relations functions, as well as the company's employee
engagement culture initiatives. Prior to that, she was Executive
Vice President and Chief Marketing Officer. She previously led the
Chemicals business for four years and served as Vice President of
the railroad's National Customer Service Center. Since joining
Union Pacific in 1987, she has held a variety of executive roles in
Strategic Planning, Investor Relations, Finance, and Marketing and
Sales, including President of subsidiary Union Pacific Distribution
Services.
Whited is a member of the Board of Directors of RPM
International Inc., where she serves on the Compensation Committee.
Whited is a member of the Humanities Nebraska Board, the Omaha
Symphony Board and the Aksarben Foundation Board of Governors. She
was a founding member and former President of Union Pacific's LEAD
(Lead, Educate, Achieve, Develop) women's initiative. She graduated
with a Bachelor of Business Administration degree in Accounting
from the University of Iowa.
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and
businesses use every day with safe, reliable, and efficient
service. Operating in 23 western states, the company connects its
customers and communities to the global economy. Trains are the
most environmentally responsible way to move freight, helping Union
Pacific protect future generations. More information about Union
Pacific is available at www.up.com.
Supplemental financial information is
attached.
****
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SOURCE Union Pacific Corporation