The nation’s four major railroads are still carrying less freight than they were before the recession. But the last decade has been an exhilarating ride for them nonetheless — an era of growing profits, soaring stock prices and ambitious investments.
For Jacksonville-based CSX Corp., freight volume has dropped 7 percent since 2004. Meanwhile, its shares have climbed to $35 from less than $6, and its net income has risen 450 percent, to almost $1.9 billion in 2013, according to SEC filings.
Union Pacific’s board of directors today elected Lance M. Fritz president and chief executive officer, effective immediately. He also was elected to the company’s board of directors. Fritz had been president and chief operating officer since Feb. 6, 2014.
Fritz, 52, succeeds John J. (Jack) Koraleski, who was named executive chairman.
“Lance has the right combination of leadership skills, experience and expertise required to lead one of America’s largest and most successful companies,” said Steven Rogel, Union Pacific’s lead independent director. “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.”
“I am humbled and privileged to have the opportunity to lead Union Pacific,” Fritz said. “Our experienced leadership team is unparalleled and will continue to play a key role in shaping Union Pacific’s strategy. They join me in sharing all of our employees’ passion for our mission to serve customers, shareholders and communities.”
Fritz was executive vice president – Operations from 2010-2014, and previously served as vice president – Labor Relations. Prior to that, he was regional vice president – Southern Region after serving as regional vice president – Northern Region. He began his career with Union Pacific in marketing and sales as vice president and general manager – Energy.
Before joining Union Pacific, Fritz worked for Fiskars, Inc., Cooper Industries, and General Electric. A Simi, Calif., native, Fritz is a graduate of Bucknell University and earned a master’s degree in management from the Kellogg School of Management at Northwestern University.
He serves on a number of industry boards and committees and is chairman of the United Way of the Midlands board of directors.
Koraleski, 64, was appointed president and CEO in March 2012. An Omaha native, he was elected to the board of directors in July 2012 and as chairman of the board in March 2014. He joined the railroad in 1972.
“Jack’s leadership helped guide Union Pacific to unprecedented financial performance with 12 consecutive quarters of record earnings results,” Rogel said. “More importantly, Jack steered Union Pacific through an unexpected and challenging leadership transition period. We are incredibly grateful for his energy, efforts and dedication.”
PENWELL, Texas – At least 10 people were killed Wednesday when a bus carrying state prisoners skidded off an icy highway overpass in West Texas, slid down an embankment and collided with a passing train, a county sheriff said.
The overpass on Interstate 20 was slick with ice Wednesday morning when the Texas Department of Criminal Justice bus left the roadway just west of Odessa, according to Ector County Sheriff Mark Donaldson.
An administrative review board decision to award North Platte resident Brian Petersen more than $300,000 in damages from Union Pacific Railroad was upheld on Nov. 20.
The case dates back to August 2009 when Petersen, an apprentice machinist, was checking his work schedule in an employee parking lot late on the night of Aug. 28, 2009. A co-worker, pulling into the adjacent parking space, ran over Petersen’s foot.
Union Pacific Railroad has boosted hiring plans and aims to add 200 new locomotives next year to improve network congestion, the company said at an investor conference Wednesday in Chicago.
“We have been short of train crews,” acknowledged Chief Operating Officer Lance Fritz, speaking at the conference. “We have more than doubled the hiring we originally planned.”
Faced with public concern about the risks of crude oil shipments, the Union Pacific railroad last month boosted its rail inspection program on mountain passes in California and the West, dispatching high-tech vehicles with lasers to check tracks for imperfections.
UP officials say they have leased two rail inspection vehicles, called geometry cars, doubling the number of computer-based safety cars in use on the company’s tracks. The move comes amid mounting public concern about hazardous-material shipments, including a growing quantity of highly flammable crude oil from North Dakota being shipped to West Coast refineries.
California’s two major railroad companies have filed suit in federal court challenging a state law requiring railroads to come up with an oil spill prevention and response plan.
The lawsuit, filed Tuesday in the U.S. District Court in Sacramento, contends federal laws largely prohibit states from imposing safety rules on railroads such as the ones California began imposing July 1 of this year. The plaintiffs in the matter are the Union Pacific Railroad, the BNSF and the Association of American Railroads.
Update: KNOE 8 News has learned that the two railroad employees injured in Sunday’s train derailment are now both being treated for their injuries in a Shreveport hospital.
Mer Rouge Police Chief Mitch Stevens says the train engineer has a compound fracture to his leg and some bumps and bruises. The chief says the conductor has numerous broken ribs. He had surgery to remove his spleen and heart surgery related to the broken ribs.
Original Post: MER ROUGE, La. – Two Union Pacific engineers were injured when their train derailed in Mer Rouge early Sunday (Oct. 5) afternoon after colliding with a truck that was stuck on the tracks.
The driver of the truck was uninjured after bailing out as the train approached. “The driver jumped out of the truck and took off running,” said Mer Rouge Police Chief Mitch Stephens. “That was all he could do.”
An important highway in northeast Arkansas could stay closed into next week as crews clean up the wreckage left from a head-on train collision, a highway official said Wednesday.
Two railroad workers were killed and two others were injured when the Union Pacific freight trains crashed.
Hayes A funeral service will be held at 12 p.m., Saturday, Aug. 23, at Turrentine-Jackson-Morrow Chapel in Allen, Texas, for SMART Transportation Division member Roderick A. Hayes, 31, who was killed in a Union Pacific train collision Aug. 17. Interment will follow at Ridgeview Memorial Park. The family will receive friends during a visitation from 6 p.m. to 8 p.m. Friday evening, Aug. 22, at the chapel. Turrentine-Jackson-Morrow Chapel is located at 2525 Central Expressway North in Allen. Hayes was a member of SMART Transportation Division 656 at North Little Rock, Ark. He grew up in Chicago and attended East-West University and Chicago State University. He was an avid runner and enjoyed cars. He is survived by his wife, Sheneé; children Quentin, Rashaun Jones, Roderick Jr. and Yahara; parents Sybil and George; brother Stephon Hayes (Monica), and sister, Linda. He was preceded in death by his sister, Vonda Farmer.
The nation’s four major railroads are still carrying less freight than they were before the recession. But the last decade has been an exhilarating ride for them nonetheless — an era of growing profits, soaring stock prices and ambitious investments.
Union Pacific’s board of directors today elected Lance M. Fritz president and chief executive officer, effective immediately. He also was elected to the company’s board of directors. Fritz had been president and chief operating officer since Feb. 6, 2014.
California’s two major railroad companies have filed suit in federal court challenging a state law requiring railroads to come up with an oil spill prevention and response plan.