Hedge Fund Seeks Ouster of Union Pacific CEO

Soroban says Lance Fritz should be replaced by the railroad’s former chief operating officer

Union Pacific’s fourth-quarter profit and revenue fell short of Wall Street’s expectations.Photo: Luke Sharrett/Bloomberg News

Hedge fund Soroban Capital Partners is pushing Union Pacific Corp. to replace Chief Executive Lance Fritz, arguing the railroad has underperformed on his watch, according to people familiar with the matter.

Soroban is a longtime Union Pacific investor, one of the company’s biggest shareholders with a 1%-plus stake valued at about $1.6 billion, the people said.

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