U.S. railroad Union Pacific Chief Executive Officer Lance Fritz said on Sunday he would step down this year to make way for new leadership, after hedge fund Soroban Capital Partners called for him to be replaced.
A GE AC4400CW diesel-electric locomotive in Union Pacific livery, is seen ahead of a possible strike if there is no deal with the rail worker unions, as a Metrolink commuter train arrives at Union Station in Los Angeles, California, U.S., September 15, 2022. REUTERS/Bing GuanChief Executive Officer Lance Fritz said on Sunday he would step down this year to make way for new leadership, after hedge fund Soroban Capital Partners called for him to be replaced.
"Union Pacific has been my home for 22 years and I am confident that now is the right time for Union Pacific’s next leader to take the helm," Fritz said in a statement, without elaborating on the reasons for his decision.
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