UP CEO pay up 11 percent after solid 2011 results

AP News
Posted: Mar 26, 2012 7:32 PM
UP CEO pay up 11 percent after solid 2011 results

Union Pacific Corp.'s acting CEO earned less than one-third of the $13.3 million the railroad's top executive received last year.

The Omaha-based railroad's executive vice president for marketing and sales, Jack Koraleski, is serving as acting president and CEO while Jim Young battles pancreatic cancer.

Both Koraleski and Young saw their compensation grow in 2011 along with the railroad's profits. Koraleski's compensation increased 13 percent to Young's 11 percent growth.

Young, who remains chairman, received compensation worth $13.3 million last year. That's up from nearly $12 million.

Koraleski received $3.9 million in compensation, up from $3.5 million in 2010.

The proxy the railroad filed Monday refers to compensation the men received before Young went on leave.

UP board says the executives deserved more compensation because of the railroad's outstanding results.