(The Associated Press circulated the following on March 25, 2011.)
OMAHA, Neb. — Union Pacific railroad increased the bonus it paid CEO Jim Young to $3.7 million for 2010 because he managed the railroad well as the economy began to improve, but Young’s total compensation grew only about 6 percent to nearly $12 million, according to a filing the company made Friday.
The Omaha-based company revealed how much its top executives make in documents filed with the Securities and Exchange Commission.
Young, who is also chairman of Union Pacific, didn’t see much growth in his total compensation because he received stock options worth $2.8 million in 2010, compared with $3.8 million in 2009.
The railroad’s board commended Young for helping the railroad generate $2.8 billion net income last year as shipping volume increased.
That’s a 47 percent increase in profit from 2009, when Union Pacific’s net income was $1.9 billion.
The board said it was also pleased with improvements the railroad made in terms of safety, efficiency and customer satisfaction during 2010. So the board said Young’s performance warranted increasing his bonus 48 percent to $3.7 million last year from 2009’s $2.5 million.
The perks Young received in 2010 grew 31 percent to $101,813 largely because he made more personal use of Union Pacific’s corporate aircraft. The railroad said Young used $46,003 worth of flight time in 2010, up from $20,994 the previous year.
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