Union Pacific Releases CEO Video After Federal Regulators Order It Made Public

Union Pacific, Norfolk Southern merger plan roiled as feds order hot-button video released amid 'retaliation' concerns

A controversial video has upset proceedings involving an $85 billion railroad merger, with federal regulators issuing a rare rebuke over concerns about retaliation threats against stakeholders.

Union Pacific releases CEO video after federal regulators order it made public

Federal regulators ordered Union Pacific to turn over video allegedly showing CEO Jim Vena discussing possible retaliation against its customers. Union Pacific released the video today.

UP CEO Jim Vena threatens retaliation against customers who speak out against the proposed merger with Norfolk Southern - Brotherhood of Locomotive Engineers and Trainmen

“…I’ll probably increase everybody’s rates that said they didn’t want a seamless railroad by 3 or 4 percent to teach you a lesson.” — Jim Vena On Thursday, under pressure from the Surface Transportation Board, Union Pacific was forced to release a video of its CEO Jim Vena coldly speaking to hundreds of railroad customers and threatening to raise freight rates on those who oppose his proposed $85 billion merger with Norfolk Southern. In the same…

STB turns UP-NS merger fight into inquiry over shipper intimidation

Union Pacific must disclose Jim Vena’s conference video and produce records about possible retaliation. The railroad denies making threats, and regulators have yet to decide whether anyone was intimidated – or whether the merger review should continue. For a regulator assessing the largest proposed US railroad combination in a generation, a customer’s silence is an ambiguous thing. It may signify approval, indifference – or a calculation that sp…

STB Rejects UP Appeal to Keep CEO Speech Under Wraps

The Surface Transportation Board on Wednesday rejected Union Pacific’s appeal to keep a recording of a March speech by CEO Jim Vena out of public view, saying the remarks may chill participation in its review of the proposed merger with Norfolk Southern. In the speech, Vena allegedly threatened to hike rates for shippers who opposed the merger. UP has denied threatening anyone and says the comments were taken out of context. UP appealed administ…