JOURNAL ARTICLE

Lance Fritz out as CEO of Union Pacific: Public letter from hedge fund said the railroad 'lagged behind rivals' under his watch.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Funk, Josh 3 of 3

Abstract

The article focuses on Union Pacific Railroad's announcement to replace its CEO, Lance Fritz, following pressure from Soroban Capital Partners, a hedge fund with a $1.6 billion stake in the company. The hedge fund's managing partner, Eric Mandelblatt, criticized Fritz's leadership, citing poor performance metrics compared to peers, including safety and revenue growth. While the board has been consulting on potential leadership changes, they praised Fritz for navigating challenges during the pandemic and recent contract negotiations. Union Pacific, one of the largest railroads in the U.S., has been improving its operations and performance after hiring additional employees to address shipment issues. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/02, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2023
  • Accession Number:162140369
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