Alaska Railroad appoints CFO O’Leary acting CEO

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The Alaska Railroad Corporation Board of Directors has appointed ARRC Chief Finance Officer Bill O'Leary to serve as acting Chief Executive Officer of the Alaska Railroad, effective April 1, 2010. The decision came after the Board met March 25 to discuss the way forward in terms of railroad leadership after current President and CEO Pat Gamble asked for some transition time to prepare for his new job as University of Alaska system president, effective June 1, 2010.

"It’s been a great run, and
it’s been a great privilege to serve the State of Alaska," said Gamble, who
marks nearly nine years with the railroad. "If I leave the Alaska Railroad in
better shape than I found it, then I have done my job. I had a lot of help from
an amazing workforce team."

"The Alaska Railroad has
benefited from Pat’s executive experience and superb leadership. His guidance
has been integral to the railroad’s steady growth and success. He continued the
momentum on an aggressive capital program, and in fact oversaw the railroad’s
first sale of revenue bonds as a means to accelerate infrastructure
improvements," said ARRC Chairman of the Board John Binkley. "As a result, the
railroad’s assets tripled in the last nine years, growing from $252 million at
the beginning of 2001 to more than $860 million at the end of 2009. Net
earnings more than doubled over the same period."

Fiscal success has also
come while O’Leary has been at the helm of the railroad’s financial functions. "The
Board has every confidence in Bill to provide the railroad with solid
leadership during our executive search," said Binkley. During previous ARRC
leadership transitions, the railroad CFO has become acting CEO. "I have no
doubt that Bill and the other members of our strong management team will
facilitate a smooth and stable transition," Binkley added.

The Board will meet again
on April 1 to discuss the details for establishing an executive search process
for a new president/CEO.

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