Union Pacific CEO to take medical leave

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OMAHA, Neb. (AP) — Union Pacific says its chief executive will take a medical leave of absence to be treated for pancreatic cancer.

James Young will step down as president and CEO of the country's largest railroad, but remain chairman of its board during his treatment. The 59-year-old was elected CEO and president in 2006 and became chairman the following year.

John Koraleski, Union Pacific's executive vice president for marketing and sales, will serve as acting president and CEO until Young returns.

Koraleski joined the company in 1972 and has held a number of executive positions including executive vice president for finance and chief financial officer of Union Pacific Railroad.

Union Pacific shares slipped 48 cents to $111.05 in premarket trading.

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