(Reuters circulated the following on January 22, 2009.)
CHICAGO — The top 148 managers at No. 1 U.S. railroad Union Pacific Corp (UNP.N) will not receive a salary increase in 2009 as the company trims costs because of the ongoing recession, the railroad’s top executive said on Thursday.
Chief Executive Jim Young told Reuters in a telephone interview that the remaining managers at the railroad would get “about half” of the original pay increases they had been promised for 2009.
Young said any infrastructure spending that will be part of President Barack Obama’s planned U.S. economic stimulus package should include the railroads and that investment in rail infrastructure “deserves tax incentives.”