(The Associated Press circulated the following article on November 17.)
OMAHA, Neb. — The Union Pacific Corporation said Thursday that James R. Young, president of the company’s railroad division, would succeed Richard K. Davidson as president and chief executive in January.
Mr. Young, 53, will remain president of Union Pacific Railroad when he assumes control of the corporation as part of a previously announced succession plan. Mr. Davidson will remain chairman.
Mr. Young said Thursday that demand for rail services had never been higher, but Union Pacific had to improve the way it does business.
He said Union Pacific needed to invest in its network to increase capacity and to improve profitability to justify the added investment.
Union Pacific shares rose $2.76, or almost 4 percent, to close at $73.76.