Union Pacific Corp. said Sunday it plans to name a new chief executive this year, hours after a major shareholder publicly urged the railroad company’s board to oust Lance Fritz from the job.
Soroban Capital Partners, a New York hedge fund managing about $10 billion, on Sunday disclosed a letter it wrote to Union Pacific directors pushing for the change, arguing that the company has underperformed on Mr. Fritz’s watch. The letter was earlier reported on by The Wall Street Journal.
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