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Union Pacific releases CEO video after federal regulators order it made public
WOWT • • business
Key Points:
- Federal regulators have ordered Union Pacific to release a video showing CEO Jim Vena discussing possible retaliation against customers amid the company’s proposed $85 billion merger with Norfolk Southern.
- Union Pacific denies any retaliation against customers, emphasizing that customer positions on the merger will not affect rates or service, and encourages open participation in the Surface Transportation Board’s (STB) review.
- The Surface Transportation Board, which will decide if the merger is in the public interest, expressed concern that threats of retaliation could influence customer feedback and ultimately impact their decision on the merger.
- If approved, the merger would create the nation’s first transcontinental railroad owned by a single company, with Union Pacific highlighting the merger’s potential benefits for competition and the future of American freight rail.
- Union Pacific criticized comparisons of Vena’s comments to a bomb threat as inappropriate, urging stakeholders to focus on factual discussion about the merger’s merits and customer impact.
