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Today, Union Pacific Corp. announced that Chairman, President and Chief Executive Officer Jim Young will take a medical leave of absence from his president/CEO duties while he is being treated for recently diagnosed pancreatic cancer. He will continue to serve as chairman during his treatment.

Pursuant to a long-established plan for such situations, Executive Vice President of Marketing and Sales Jack Koraleski will serve as acting president and CEO during Young’s absence.

“As Jim undergoes his treatment, he has the prayers and support of all 45,000 employees of the UP team,” said Koraleski in a prepared statement. “Our commitment to him, our customers and our shareholders is continued strong performance of our company and another record-setting year for Union Pacific.”

Young, 59, has served as president and CEO since November 2005, and as chairman since January 2007.