Union Pacific CEO Lance Fritz to step down, remain as advisor through early 2025

UNION PACIFIC CORP

Lance Fritz resigns as Chairman, President and CEO effective August 14, 2023, and will serve as Special Advisor until February 1, 2025.
Fritz receives $300,000 annual base salary during advisory period and remains eligible for 2023 annual bonus.
Outstanding performance stock units vest on a prorated basis: 100% for 2021-2023, 66 2/3% for 2022-2024, 33 1/3% for 2023-2025.
Equity awards continue to vest according to existing terms, subject to compliance with restrictive covenants and release of claims.

item 5.02 item 9.01

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Departed

Lance M. Fritz

Chairman, President and Chief Executive Officer

UNP · UNION PACIFIC CORP

Effective: 2023-08-14
Filed: August 11, 2023, 7:59 PM ET

Lance M. Fritz will cease to serve as the Chairman, President and Chief Executive Officer of Union Pacific Corporation (the “Company”) and will retire from the Company’s Board of Directors (the “Board”) on August 14, 2023 (the “Transition Date”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Lance M. Fritz departed as Chairman, President and Chief Executive Officer at UNION PACIFIC CORP.

Action: retire
Role: Chairman, President and Chief Executive Officer

Exact text from the filing

Lance M. Fritz will cease to serve as the Chairman, President and Chief Executive Officer of Union Pacific Corporation (the “Company”) and will retire from the Company’s Board of Directors (the “Board”) on August 14, 2023 (the “Transition Date”).

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Source: SEC EDGAR

accession 0001437749-23-023361

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