Summary
Union Pacific Corporation (UNP) announced a significant leadership change via an 8-K filing on February 5, 2015. Lance M. Fritz was immediately appointed President and Chief Executive Officer (CEO) of both Union Pacific Corporation and its principal operating subsidiary, Union Pacific Railroad Company. This promotion marks a transition for the company, with Fritz, who has a long tenure within the company's operations and leadership, taking the helm. In conjunction with his new role, Fritz's annual salary has been increased to $1.0 million, and he remains eligible for existing stock and incentive plans. He has also been elected to the Board of Directors. John J. Koraleski will continue in his role as Executive Chairman of the Board. This leadership transition is a key event for investors to monitor, as it signals the direction and strategic focus of the company under new executive leadership.
Key Highlights
- 1Lance M. Fritz appointed President and CEO of Union Pacific Corporation and Union Pacific Railroad Company, effective immediately.
- 2Fritz's prior roles include Executive Vice President-Operations and President and Chief Operating Officer of the Railroad.
- 3Fritz's annual salary increased to $1.0 million.
- 4Fritz remains eligible for the Company's stock and other incentive plans.
- 5Lance M. Fritz elected to the Board of Directors of Union Pacific Corporation.
- 6John J. Koraleski will continue as Executive Chairman of the Board.
- 7The company issued a press release on February 5, 2015, detailing these announcements.