Union Pacific (NYSE:UNP) stock is a hot topic among traders on Monday as its CEO prepares to step down this year.
Union Pacific CEO Lance Fritz will give up his leadership role at the company after serving in it since 2015. That comes at the same time the company is seeking a successor with plans for a new CEO to join in 2023.
The company originally started these plans in March 2022 to create a task force to find its next CEO. This has it seeking out candidates both inside its industry, as well as those in adjacent industries.
Union Pacific is revealing its CEO succession plan following pressure from hedge fund Soroban Capital Partners. Soroban revealed plans to make the succession plans public knowledge, which resulted in Union Pacific releasing its own update to investors.
Frtiz said the following about the leadership changes:
“Union Pacific has been my home for 22 years and I am confident that now is the right time for Union Pacific’s next leader to take the helm. I look forward to working with the Board as we identify our next CEO to lead the Company into the future.”
UNP Stock Reactions
Following news of the CEO succession plan, shares of UNP stock have seen heavy trading on Monday. This has more than 5 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 2.9 million shares.
Additionally, shares of UNP stock are up 10.7% as of Monday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.