Union Pacific announced that it has promoted Lance Fritz to CEO from chief operating officer, succeeding John Koraleski, who was named executive chairman.
Fritz was executive vice president of operations from 2010 to 2014 and previously served as vice president of labor relations, Union Pacific said. Fritz also was elected to the board of directors.
“I am humbled and privileged to have the opportunity to lead Union Pacific,” Fritz said in a statement. “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.”
He had been president and chief operating officer since February 2014 and began with the railroad in marketing and sales as vice president and general manager, energy.
“Lance has the right combination of leadership skills, experience and expertise required to lead one of America’s largest and most successful companies,” Steven Rogel, Union Pacific’s lead independent director, said in a statement.
“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,” Rogel said.
Koraleski was named president and CEO in March 2012, and the Omaha, Nebraska, native was elected to the board of directors in July 2012. 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,” Rogal 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.”