US intermodal picking up steam as trucking woes continue
After a long trough of sluggish performance, US intermodal traffic is growing, and the market ...
AP reports:
Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership.
The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz’ tenure over the past eight years and that a leadership change is overdue. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year.
“UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritz’s leadership,” Mandelblatt wrote. “UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.”
Mandelblatt urged the railroad to hire…
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