Union Pacific Railroad’s has promoted its president and chief operating officer to CEO.
Lance Fritz, who will continue to service as president, was elected on Thursday by the U.S. western railroad’s board of directors to succeed John Koraleski. Before joining UP, Fritz worked for Fiskars, a tool retailer; an electrical product manufacturer and distributor; and General Electric. Koraleski will stay on with the company as executive chairman.
“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, Steven Rogel, UP’s lead independent director, said in a statement.
UP saw fourth-quarter profit rose 22 percent year-over-year to $1.4 billion, as revenue expanded 9 percent to $5.8 billion in the same period. A 6 percent intermodal volume jump, fueling a 11 percent increase in intermodal revenue, helped the railroad hit record profit in the quarter.