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  "documentTitle": "Union Pacific Corporation (UNP)",
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  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The slide uses strong, negative framing ('worst', 'failed', 'disgruntled') to build a case against the CEO.",
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      "text": "Under Lance Fritz's eight-year tenure as CEO, UNP has repeatedly and significantly failed to reach its potential",
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      "text": "Under Lance Fritz's eight-year tenure as CEO, UNP has repeatedly and significantly failed to reach its potential",
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      "text": "(1) Among all public North American Class I railroads; shareholder returns include dividends.",
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      "text": "Under Lance Fritz's eight-year tenure as CEO, UNP has ranked the worst in every key railroad operating metric: safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return",
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      "text": "Lance Fritz has continually failed to meet the annual incentive compensation targets set by the Board",
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      "text": "Key constituents have understandably lost confidence in Lance Fritz's ability to lead the Company",
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      "text": "UNP has the best rail franchise in North America. Despite this, under current leadership UNP has been the worst performing Class I railroad",
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      "text": "Shareholder returns have been the worst in the industry; Employees are disgruntled; The Company is not delivering on its commitment to customers; The US economy needs an efficient rail network; The environment is negatively impacted",
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      "text": "Simply put, UNP is not reaching its potential as North America's best Class I railroad. Management's poor track record results in the Company (i) not reaching its full earnings power and (ii) trading at a meaningful discount to its Canadian railroad peers",
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