Union Pacific has provided an update on the status and timing of the Board of Director’s active leadership succession planning process. The company noted that, "Since assuming the CEO role in February 2015, Lance Fritz has overseen a period of growth, innovation and value creation, and transformed the Company’s operating plan to improve asset efficiency. Under his leadership, since 2017, the Company has achieved a 52% increase in net income, a 27% increase in operating income and a 3.7 point increase in return on invested capital… Following discussions between the Board and Mr. Fritz regarding the path for identifying Union Pacific’s next CEO, in March 2022 the Board engaged a leading outside consultant and subsequently formed a task force of directors composed of each of the Board committee chairs in November 2022. The Board is seeking a CEO with a strong track record of success and expertise across safety, operational excellence, enhancing and driving customer service, innovation, employee culture and sustainability. The Board is focusing the process on highly-qualified candidates both within the industry and adjacent industries to identify a CEO capable of leading the Company for a long-term tenure. The Board expects to name a successor who will assume the position in 2023." As part of the Board’s succession planning process, it has considered shareholder input and will continue to do so. The Board has been actively engaging with Soroban Capital Partners since 2017. In recent conversations, Soroban indicated it intended to move discussions to a public level.
Published first on TheFly
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