Shares of Union Pacific jumped in early trading Wednesday after the railroad freight operator named a new chief executive whose candidacy was supported by hedge fund Soroban Capital Partners.
Union Pacific stock was recently up more than 10%, on pace for its highest close August. The shares were up 4% this year through Tuesday’s close.
The company named Jim Vena, a former Union Pacific COO, its CEO. He was the preferred candidate of Soroban, a Union Pacific investor that earlier this year pushed for the removal of Lance Fritz.
