By Justin Franz 

Union Pacific announced Wednesday that Jim Vena would replace Lance Fritz as chief executive officer effective August 14. The news comes months after it was announced that Fritz would step down amid pressure from shareholders who were frustrated with the Class I’s financial and operational performance. 

Vena is no stranger to UP having previously served as chief operating officer in 2019 and 2020. He has 40 years of experience in the industry, primarily with Canadian National. 

The company also announced that Beth Whited, UP’s executive vice president, sustainability and strategy and chief human resources officer, has been appointed as president, reporting to Vena. Mike McCarthy, the railroad’s lead independent director, has been elected as chairman of the Board.

“One of the most vital characteristics we considered as we conducted the search to identify the next CEO was extensive railroad operating experience,” McCarthy said. “Jim has that and more. After a comprehensive search process, the Board unanimously determined that his track record of operating excellence was unparalleled, and he is the right candidate for the job.”

“I am excited about returning to Union Pacific and look forward to the journey to be the safest, most reliable and most efficient railroad in the industry,” Vena said. “Working closely with the entire team, my focus from day one will be to ensure the Company delivers industry-leading customer and operating excellence, cultivates and empowers our employees, and cares for the communities in which we operate. These efforts will generate strong shareholder returns.”

The last few years have been tough for Class I railroads, but especially UP. In 2022, all of the Class Is were ordered to go before the U.S. Surface Transportation Board and explain their ongoing service issues. Months later, only Union Pacific was ordered to come back and defend its lack of progress.