UP names Fritz president, CEO; plans $4.3 billion capital plan for 2015

Written by Jenifer Nunez, assistant editor
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Union Pacific's board of directors elected Lance Fritz president and chief executive officer, succeeding John Koraleski, who was named executive chairman, effective immediately. Fritz was also elected to the company's board of directors. Fritz had been president and chief operating officer since February 6, 2014.

 

“Lance has the right combination of leadership skills, experience and expertise required to lead one of America’s largest and most successful companies,” said Steven Rogel, Union Pacific’s lead independent director. “The board regularly reviews and updates its robust management succession plan and we are confident Union Pacific will continue to deliver industry-leading customer service and strong shareholder returns under Lance’s guidance.”

“I am humbled and privileged to have the opportunity to lead Union Pacific,” Fritz said. “Our experienced leadership team is unparalleled and will continue to play a key role in shaping Union Pacific’s strategy. They join me in sharing all of our employees’ passion for our mission to serve customers, shareholders and communities.”

Fritz was executive vice president operations from 2010-2014 and previously served as vice president labor relations. Prior to that, he was regional vice president Southern Region after serving as regional vice president Northern Region. He began his career with Union Pacific in marketing and sales as vice president and general manager – energy.

Koraleski, was appointed president and CEO in March 2012. An Omaha native, he was elected to the board of directors in July 2012 and as chairman of the board in March 2014. He joined the railroad in 1972.

“Jack’s leadership helped guide Union Pacific to unprecedented financial performance with 12 consecutive quarters of record earnings results,” Rogel said. “More importantly, Jack steered Union Pacific through an unexpected and challenging leadership transition period. We are incredibly grateful for his energy, efforts and dedication.”

The board also approved the company’s 2015 capital program of approximately $4.3 billion, up about $200 million versus 2014, driven primarily by equipment acquisitions and infrastructure investments. Spending on positive train control is also expected to increase to $450 million, versus $385 million in 2014.

 

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