UP names Young chairman, announces share repurchase program
Union Pacific Corp. Tuesday elected its President and Chief Executive Officer, James R. Young, to the additional post of chairman of its board of directors, effective Thursday.
Young replaces the retiring Dick Davidson, who moved up from brakeman to chairman in a 47-year career with the railroad.
At the same time, the board voted to authorize the repurchase of up to 20 million common shares, representing about 7 percent of Union Pacific's estimated 270 million publicly held shares, by the end of 2009. The board also increased the quarterly dividend on the company's common stock by 17 percent to 35 cents per share.
'Last week, Union Pacific reported its best year ever, achieving all-time records for operating revenue, operating income and net income,” Young said. 'Looking ahead, we believe our future earnings and cash from operations will be sufficient to invest in growth opportunities, maintain our balance sheet and provide cash to further enhance shareholder