Union Pacific Stock Soars as Former Exec Vena Takes Over as CEO
Union Pacific has named former chief operating officer Jim Vena as its new CEO, following pressure from hedge fund Soroban Capital Partners. The railroad reported disappointing results due to weakening consumer demand and cut its outlook. Vena, known for his expertise in streamlining operations, will focus on improving safety, customer and operating excellence, and employee empowerment. Union Pacific also promoted Mike McCarthy to chairman and named Beth Whited as president. The company's second-quarter profit declined, falling short of expectations, and it expects its volume to fall short of the forecast for industrial production growth.