Union Pacific Corporation Names former COO Jim Vena as its new CEO

Union Pacific Corporation (NYSE: UNP) has named former chief operating officer Jim Vena as its new Chief Executive Officer and a member of the Board after a major shareholder called for current CEO Lance Fritz’s removal. Vena, who previously served as the freight-railroad operator’s COO from 2019 to 2020, will become CEO effective Aug. 14. Vena succeeds Lance Fritz, who is stepping down as chairman, president, and chief executive officer.

Soroban Capital Partners, a New York hedge fund, urged the company’s board to remove Fritz in February, arguing the company had underperformed under his leadership. Soroban pushed for Vena to succeed Fritz.

Union Pacific Corporation (NYSE: UNP) also announced other leadership changes Wednesday. Beth Whited, Union Pacific’s executive vice president, sustainability and strategy, and chief human resources officer, has been appointed as president, reporting to Vena.

It named lead director Mike McCarthy as chairman of the Board and added two directors to its board, former Weyerhaeuser CEO Doyle Simons and former C.H. Robinson CEO John Wiehoff. These leadership changes are effective August 14, 2023.

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