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Union PacificThe Reconfiguration: America's Greatest Railroad from 1969 to the Present$
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Maury Klein

Print publication date: 2011

Print ISBN-13: 9780195369892

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:osobl/9780195369892.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 September 2021

The Lessons Learned

The Lessons Learned

Chapter:
(p.391) 29 The Lessons Learned
Source:
Union Pacific
Author(s):

Maury Klein

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780195369892.003.0031

This chapter examines how Union Pacific Railroad learned its lessons from the events of 1997 and applied them to make the company better. The hiring of Ike Evans proved to be a wise decision. He was chosen by president and chief executive officer Dick Davidson, a hard-core railroad man. In his first “Message from the President” Evans vowed total commitment to the Transformation as well as to safety and open communication with the employees. To accomplish these goals Evans launched in 1999 a ten-year growth plan based on the Transformation. Analysts expected UP to rebound in 1999 in terms of financial performance, and it did not disappoint. The railroad set new records in gross revenue, operating income, and carloads. One analyst declared that Union Pacific “is showing signs that management will take the company to a whole new level, possibly to a place not witnessed by any other major U.S. railroad.” Davidson could not have been more pleased.

Keywords:   management, Union Pacific Railroad, Ike Evans, Dick Davidson, safety, operating income, carloads, financial performance

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