Union Pacific CEO to quit after push from activist shareholder

(Source: CNN, February 27, 2023)

Union Pacific shares jumped 10% in premarket trading Monday after the railroad company announced CEO Lance Fritz, 60, will leave the company by year-end, following a call by an activist hedge fund for his ouster. Union Pacific just reported a record profit for the second straight year. But the hedge fund, Soroban Capital Partners, put out a statement saying that Fritz had lost the confidence of “shareholders, employees, customers, and regulators.” Soroban only owns about 1% of Union Pacific’s shares.

Full story: CNN