Union Pacific has promoted its president to be the railroad's next chief executive as well.
The railroad said Thursday that Lance Fritz has been named president and CEO immediately. He will succeed Jack Koraleski who has led Union Pacific since 2012. The 64-year-old Koraleski will remain as executive chairman of the railroad's board.
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The 52-year-old Fritz has overseen operations at Union Pacific since 2010. He has also worked in marketing and labor relations positions. Fritz worked for Fiskars, Cooper Industries and General Electric before joining the railroad.
Board member Steven Rogel says Fritz was chosen because of his leadership skills and experience.
Union Pacific Corp. operates across 23 states in the western two-thirds of the country.