Union Pacific Board expects to name new CEO in 2023; Lance Fritz to step down after 8 years

UNION PACIFIC CORP

Board expects to name successor in 2023; current CEO Lance Fritz to transition after 8-year tenure.
Succession process began March 2022 with outside consultant; task force of board committee chairs formed Nov 2022.
Board seeking CEO with expertise in safety, operational excellence, customer service, innovation, and sustainability.
Soroban Capital Partners pushed for public update; board has engaged with Soroban since 2017.
Under Fritz, net income up 52%, operating income up 27%, and ROIC up 3.7 points since 2017.

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