Union Pacific’s board of directors elected President and Chief Operating Officer Lance Fritz Chairman, President and Chief Executive Officer, effective Oct. 1, 2015. He succeeds John Koraleski as Chairman. Koraleski plans to retire Sept. 30 after a 43-year career at UP.
Fritz was named President and COO Feb. 6, 2014. He was Executive Vice President Operations from 2010-2014, and previously served as Vice President Labor Relations. Prior to that, he was Regional Vice President-Southern Region after serving as Regional Vice President-Northern Region. Fritz began his career with UP in July 2000 in marketing and sales as Regional Vice President and General Manager-Energy.
“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.”
Koraleski, 64, served as Executive Chairman; Chairman, President and CEO; Executive Vice President-Marketing and Sales; Executive Vice President-Finance and Information Technology and others.
“On behalf of the entire board, I want to express our sincere thanks to Jack for his leadership, dedication and contributions,” said Rogel. “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.”
“Among his many achievements, Jack Koraleski was named by Institutional Investor as 2014’s No. 1 CEO in the Airfreight and Surface Transportation sector, and his advocacy was critical in helping Union Pacific form its women’s employee resource group more than 20 years ago,” UP noted. Koraleski will continue to serve on the national advisory committee for the College of Business Administration at the University of Nebraska-Omaha, as well as several boards and advisory committees including the Heritage Services board of directors and the STRATCOM Consultation Committee.
Additionally, Union Pacific elected Scott Moore Senior Vice President-Corporate Relations, effective Sept. 1. He will have companywide responsibility for internal and external communications, public affairs, media relations, brand management and advertising. Moore will also serve as president of the Union Pacific Foundation. He has been Vice President-Public Affairs for UP’s Western Region, based in Roseville, Calif., since August 2007. Moore joined UP in 2000 as Director-Government Affairs. He is a former Nebraska Secretary of State and a state senator.
Moore succeeds Robert Turner, who plans to retire Oct. 1. Turner, who joined the company in 2000, “developed UP’s award-winning Building America campaign that remains embedded in the company’s culture and the centerpiece of its brand,” the company said. “He built the company’s public affairs organization that serves all 23 states in which Union Pacific operates. Turner also served as 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.”
UP also elected Todd Rynaski as Chief Accounting Officer, Vice President and Controller, effective Sept. 1. 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.
Rynaski succeeds Jeffrey Totusek, who plans to retire in 2016. Totusek will help transition the vice president and controller responsibilities as Vice President-Finance until he retires. Totusek has been Chief Accounting Officer, Vice President and Controller since January 2008. Prior to that, he was Assistant Vice President-Financial Analysis since 1998. Totusek joined UP in 1985.
“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.”