---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-023361"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2023-08-11T23:59:59+00:00"
generated_at: "2026-06-11T13:44:39.893938+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-023361
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2023-08-11T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000143774923023361/0001437749-23-023361-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000143774923023361/unp20230810_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-023361
- JSON: https://secwatch.observer/filing/0001437749-23-023361.json
- Plain text: https://secwatch.observer/filing/0001437749-23-023361.txt

## Key facts
- Executive change
  Lance M. Fritz departed as Chairman, President and Chief Executive Officer at UNION PACIFIC CORP.
  - Action: retire
  - Role: Chairman, President and Chief Executive Officer
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/100885/000143774923023361/0001437749-23-023361-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.