Union Pacific says it expects to name a new CEO in 2023 after hedge fund called for Lance Fritz to be replaced

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A GE AC4400CW diesel-electric locomotive in Union Pacific livery is seen near Union Station in Los Angeles, California, September 15, 2022.

Bing Guan | Reuters

U.S. railroad Union Pacific on Sunday said it expects to name a successor to assume the position of chief executive officer replacing Lance Fritz in 2023.

“Union Pacific has been my home for 22 years and I am confident that now is the right time for Union Pacific’s next leader to take the helm. I look forward to working with the Board as we identify our next CEO to lead the Company into the future,” Fritz said in a statement.

The announcement comes after U.S. hedge fund Soroban Capital Partners in a letter on Sunday called for Fritz to be replaced.

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