Union Pacific Corp. shares surged after the railroad said it would replace its chief executive and investors cheered the possibility that a disciple of the late Hunter Harrison could take over the company.
Jim Vena, who worked with Mr. Harrison for years, is a proponent of precision scheduling railroading. The strategy, which Mr. Harrison deployed in Canada and at CSX Corp., reduces costs by operating fewer, longer trains and running them on tighter schedules. It has also sparked criticism from unions about job losses and shippers about service disruptions.
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