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  "docSlug": "1dca9cf84925",
  "documentTitle": "Union Pacific Corporation (UNP)",
  "authorId": "15_Soroban",
  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The slide uses a narrative structure to contrast leadership performance, specifically isolating Jim Vena's tenure as a period of improvement.",
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      "text": "UNP improved its operating ratio by ~2,400bps, leading the industry in improvement",
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      "text": "operating ratio: 2,400bps",
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      "text": "Before current leadership, UNP showed industry leading operational improvement. Under current leadership, performance flatlined... until Jim Vena joined and drove immediate success... only to have UNP rapidly regress after Jim Vena’s departure",
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      "text": "Source: company filings. Note: operating ratio or \"OR\" represents 1 - EBIT Margin; lower OR = better. (1) Represents Jim Vena's last fiscal quarter with UNP (Q4'20).",
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      "text": "UNP led the industry in operational improvement before current leadership and during Jim Vena’s COO tenure",
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