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Yesterday, Union Pacific Corp. announced that President and Chief Executive Officer Jack Koraleski was elected to the company’s board.

In early March, Koraleski became acting president and CEO when top exec Jim Young took a medical leave to seek treatment for pancreatic cancer. Koraleski, 61, now is president and CEO of both Union Pacific Corp. and Union Pacific Railroad, and Young is chairman.

"Jack’s election to the board of directors reflects his unique combination of expertise and vision that will complement the business acumen and experience of our board members," said Young in a prepared statement. “Jack’s election also is a vote of confidence in his ability to lead North America's premier railroad as it continues focusing on delivering customer and shareholder value.”

Since joining UP in 1972, Koraleski has held a number of executive positions, including controller of Union Pacific Corp., executive vice president of marketing and sales, and EVP of finance and information technology. He also held various positions in the railroad's real estate and administrative departments.