Union Pacific CEO to leave after push from activist shareholder | CNN Business

Union Pacific shares jumped 10% in premarket trading after the railroad company announced CEO Lance Fritz will leave the company by year-end

Union Pacific just reported a record profit for the second straight year. But the hedge fund, Soroban Capital Partners, put out a statement saying that Fritz had lost the confidence of “shareholders, employees, customers, and regulators.” “UNP’s total shareholder return has been the worst in the industry,” said Soroban’s letter to the board. “Among all S&P 500 companies, UNP is rated by employees as the worst place to work and has the lowest employee CEO approval rating ,” said the letter.

Shares of Union Pacific\n \n are down about 20% over the last 12 month through Friday’s close, even with a rebound in share price so far in 2023. That’s worse than the drop in share price at other major railroads like Norfolk Southern\n \n and CSX\n \n .

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