Alaska Railroad Board selects Christopher Aadnesen as president & CEO

The Alaska Railroad Corporation Board of Directors has voted unanimously to hire Christopher Aadnesen as the railroad's new president and chief executive officer. Aadnesen is scheduled to start later this month.

"Mr. Aadnesen has the
extensive railroad experience we are looking for in our next chief executive,"
said Board Chairman John Binkley. "He has proven leadership within the railroad
industry, with nearly four decades of strategic management performance that
demonstrate insightful business planning, as well as excellent labor relations,
government and public communications skills. We are impressed with his
knowledge of the industry issues that we face today and in the foreseeable
future. With Chris Aadnesen’s leadership, we are ready to focus on the basics
of railroading."

Currently a resident of
Georgetown, Texas, Aadnesen’s most recent chief executive experience was three
years as CEO of Estonian Railways, where he successfully focused on
profitability, safety performance, real estate assets and increased freight and
passenger service operations.

"I have spent all of my
post-graduate life working in the railroad industry and am excited about the
opportunity to work for the Alaska Railroad Corporation," said Aadnesen, noting
his work experience has included nearly every work discipline or department
involved with railroad management. He has held senior corporate positions with
a wide array of railroads including the Union Pacific, Transportacion
Ferroviaria Mexicana, The Texas Mexican Railway Company, Houston’s Port
Terminal Railroad Association and Estonian Railways.

 "We are grateful to Bill O’Leary for his steadfast leadership
as interim President and CEO. We also appreciate the railroad’s executive team,
for providing solid management and control during these past few months," said
Binkley. "This gave the Board confidence to take the time we needed to find and
vet superb candidates for the job."

The Alaska Railroad’s
President and CEO ensures that ARRC business plans, operations, assets and real
estate are managed and directed to provide a safe, efficient and profitable
rail transportation system. The position also ensures the corporation remains
in compliance with applicable laws, regulations and industry standards.

The position reports to the
seven-member ARRC Board of Directors. In 2009, the Alaska Railroad earned $170
million in total revenues and employed an average of 660 full-time employees.