STB Orders Public Release of UP CEO's Video Remarks

The Surface Transportation Board has ordered Union Pacific to make public a recording of CEO Jim Vena's remarks to a shipper conference without its confidential designation. The board's November 5, 2026, decision leaves in place a ruling requiring the video of Vena's March speech to lose its protected status.

An STB administrative law judge ruled on October 23 that Union Pacific must provide the video without its 'Confidential' label by October 30. Union Pacific appealed that order on October 30, requesting a temporary stay. The board denied UP's appeal because it was late and lacks merit.

The video captures Vena's comments to the Southwest Association of Rail Shippers at its annual conference in Houston. Union Pacific entered the recording into the STB record in October as part of a discovery dispute, designating it as confidential. The STB received public reports in July about statements Vena made that could be perceived as threats of retaliation.

Merger Review Faces Transparency Challenges

The dispute over the video's confidentiality highlights broader concerns about stakeholder input during the $85 billion Union Pacific-Norfolk Southern merger review. The regulator expressed "serious concerns" about whether Vena's statement may be influencing certain stakeholders' willingness to participate in the proceeding or share their views without fear of commercial repercussions.

Allegations surrounding Vena's remarks have raised questions about whether customers can express their views freely during that review. The STB stated it "will not tolerate retaliation and will ensure that its processes are fair, transparent and open to all stakeholders." The board must decide whether to approve the proposed acquisition.

Rival Railroad Challenges Confidentiality Ruling

Canadian Pacific Kansas City successfully petitioned to remove the confidential designation from the video recording. The rival railroad sought public release, arguing Vena's remarks allegedly threatened higher rates for shippers opposing the merger. CPKC challenged Union Pacific's effort to delay disclosure, arguing the railroad had missed its appeal deadline.

Union Pacific offered to post the video on its merger website while retaining its confidential designation and restrictions on use outside the proceeding. The railroad argued public release could cause 'irreparable harm' by allowing others to 'edit, clip, manipulate, and distribute' the recording. Union Pacific maintained parties to the case could already view the video and use it in regulatory filings under existing confidentiality restrictions.

Board Rejects Appeal and Maintains Order

The board rejected Union Pacific's appeal in a dispute over whether Vena threatened customers who oppose its proposed acquisition of Norfolk Southern. Union Pacific disputed that its appeal was late, saying it fell within the seven days allowed under board rules. The administrative law judge's original order was issued on October 23.

Vena characterized his comment to the shippers group as 'a little humor' in a message to FreightWaves. He told the outlet he wasn't making a threat, and that some in the industry opposed to the merger took the opportunity to make more of the remark than he intended. The CEO made a joke about increasing rates by three or four percent if the merger with Norfolk Southern does not happen.

Along with the order to redesignate the video, the STB ordered UP to submit additional documents and information related to allegations of retaliation. The board invited stakeholders to share any information regarding perceived, threatened or actual allegations. Union Pacific must submit these additional documents by the deadline specified in the STB order.