Soroban urged Union Pacific to consider former Chief Operating Officer Jim Vena as a possible replacement for Fritz, saying "no internal candidates are remotely as qualified." Vena pulled out of the running to lead Canadian National in December 2021. The hedge fund, which said it owns about a $1.6 billion stake in Union Pacific, said a change in leadership could generate about $18 of earnings per share in 2025. Union Pacific reported lower-than-expected fourth-quarter profit, hurt by delayed shipments amid labor shortages and a winter storm that crippled freight operations across the United States. Union Pacific said in a statement it was looking for a new CEO capable of leading the company for a long-term tenure. As part of the board's succession planning process it had considered shareholder input and would continue to do so, and had been engaging with Soroban Capital since 2017.