UP CEO Resigns Following Criticism Of Leadership
The CEO of Omaha-based Union Pacific is stepping down. Union Pacific has announced plans to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz’ tenure over the last eight years and a leadership change is overdue. Mandelblatt urged the railroad to hire its former Chief Operations Officer Jim Vena who helped overhaul Union Pacific’s operations several years ago, but the railroad’s board praised Fritz on Sunday and said it has been working with a leadership consultant since last year to identify the best candidates for the job. Lance Fritz released a statement over the weekend saying now is the right time for him to step down as the railroad's leader. Union Pacific says it'll name its next CEO sometime this year.