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Union Pacific Railroad company announced that its chief executive officer, Lance Fritz, is leaving his post. It said that it is expecting to announce a successor this year.
The announcement about Fritz's departure was confirmed by Union Pacific on Sunday, Feb. 26. According to Reuters, the announcement comes after Soroban Capital Partners, a US-based hedge fund firm, sent a letter requesting for the company to replace the CEO.
Union Pacific released a statement saying that as part of the process for the board's succession planning, it is considering getting input from shareholders and will continue to do so. The company then revealed it has been actively engaging with the said hedge fund company since 2017.
The American railroad firm further confirmed its decision to replace Fritz by providing a new update on its CEO succession process. It appears that the outgoing chief has also accepted the resolution as the company is under pressure from Soroban Capital.
"The Board is grateful to Lance for his unwavering leadership, dedication and oversight in driving our Company forward over the last eight years as CEO. Lance created an environment that has allowed Union Pacific to make a measurable impact with our customers, communities and employees alike," Union Pacific’s lead independent director of the board, Michael McCarthy, said in a press release.
He added, "Lance has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers. We are immensely grateful to have him continuing leadership and support and know he will ensure a smooth transition."
Fritz also said, "It is my honor and privilege to serve this great company and I am proud of our team and all we have built together. I have always said that our fundamentals for long-term success are powered by our people – our best-in-class employees and the passion they have for our customers and communities.
