Young, 59, was elected CEO and president of the nation's largest railroad 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.
GM to suspend production of Chevrolet Volt
DALLAS (AP) â¿¿ General Motors is suspending production of its Chevrolet Volt electric car for five weeks amid disappointing sales.
A GM spokesman said Friday that the company will shut down production of the Volt from March 19 until April 23, idling 1,300 workers at the Detroit-Hamtramck assembly plant.
GM sold 7,671 Volts last year, below its original goal of 10,000 cars. The company stopped publicly announcing sales targets last year. It sold 1,023 Volts in February and 603 in January.
Sara Lee spinoff to distribute $4.6 billion in stock
DOWNERS GROVE, Ill. (AP) â¿¿ Food company Sara Lee Corp. said Friday that its shareholders will get stock valued at up to $4.55 billion when it spins off its international coffee and tea business later this year.
The coffee and tea business, which includes brands such as Senseo and Pickwick Teas, will also move its Netherlands headquarters from Utrecht to Amsterdam in the second half of the year in part to be close to key Western European markets.
Spanish deficit tests Europe's fiscal treaty
BRUSSELS (AP) â¿¿ The leaders of 25 European countries on Friday signed a new treaty designed to limit government overspending, but their good intentions were immediately put to the test when Spain said it would miss deficit targets this year to spare itself from austerity overload.
Spanish Prime Minister Mariano Rajoy said his government's deficit will be 5.8 percent of economic output this year instead of the 4.4 percent earlier promised to the EU.
By signing the new treaty, known as the fiscal compact, the EU leaders hope to achieve closer political and economic integration and longer-term confidence in Europe's finances. But the economic reality in the region â¿¿ record unemployment and a slide back into recession â¿¿ suggests the leaders need to reconsider their focus on austerity and seek ways to boost growth.