Long-time UNP shareholder outlines UNP’s significant underperformance during Lance Fritz’s eight-year tenure as CEO
Believes experienced operational leadership will create significant value for shareholders and benefit other key constituents
Full Letter and Presentation Available at www.sorobancap.com
Soroban Capital Partners LP (“Soroban”) today sent a slide presentation and the following letter to the board of directors of Union Pacific Corporation. The letter, addressed to Lead Independent Director Michael McCarthy, calls for the board to replace Chief Executive Officer Lance Fritz with a seasoned executive who has a proven track record of railroad operating excellence.
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February 26, 2023
Union Pacific Corporation
1400 Douglas Street
Omaha, NE 68179
Attn: Michael R. McCarthy (Lead Independent Director)
Dear Mike and Members of the Board,
As you know, I have been a long-time investor in the North American Class I railroad industry. I still vividly remember my first visit to Omaha in 2005, shortly after UNP moved into its new corporate headquarters. My interactions at the time with Jim Young and Rob Knight, with whom I later became friends, cemented my enthusiasm for the future of the industry and my long-standing belief that UNP is the crown-jewel asset of the North American transportation sector. UNP’s rail network has many distinct advantages, including long length of haul, unparalleled reach across a high growth geographic service territory, and a merchandise-heavy product mix. At Soroban Capital, UNP has been a significant investment for our firm dating back to the second quarter of 2016. We have appreciated our interactions with you and the other Board members since we first met in 2017. Today, Soroban owns a ~$1.6 billion stake in UNP, making our firm a top 10 economic owner of the Company.
The Board needs to replace Lance Fritz with best-in-class leadership
As you are aware, we have been consistent in privately expressing to you and…
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