Lance Fritz on infrastructure policy
From Right Time To Step Down, Says Union Pacific CEO · · Bloomberg Television
“I think that's both reflective of the promise of the Infrastructure Act, but also the existing demand for infrastructure at state level. So that's been real powerful and strong. And I also think that the industrial economy is poised for America to be the most competitive environment globally for production. We've seen that in a sweeping increase in direct investment in the United States. And I think that's going to translate into a really strong industrial manufacturing economy.”
On , Lance Fritz, Former Chairman, President & Chief Executive Officer at Union Pacific Corporation, spoke about infrastructure policy during Right Time To Step Down, Says Union Pacific CEO on Bloomberg Television.
About Lance Fritz
Lance Fritz, former Chairman, President, and CEO of Union Pacific, has discussed the company's operational and financial performance in several media appearances. In October 2022, Fritz stated that the company made "sequential improvement" in network fluidity from the second to third quarter, and he anticipated a return to normal operations in the fourth quarter. He attributed volume pullbacks to cooling consumer demand, particularly in domestic intermodal and parcel shipments, while noting strong demand in coal, grain, and some industrial segments. Fritz also addressed labor negotiations, saying he was "less comfortable" after the BMWED Maintenance of Way employees failed to ratify a contract, but he anticipated closing agreements by the end of the year. In 2023, Fritz described the hiring picture as "very difficult" in 2022, particularly in rural areas, and noted that Union Pacific was using hiring bonuses and a referral program to attract workers. He discussed the company's implementation of Precision Scheduled Railroading (PSR) to lower costs and improve the operating ratio. Regarding the regulatory environment, Fritz said the Surface Transportation Board (STB) had done "a very good job" of balancing its decisions with the health of the freight rail network. Earlier, in 2022, Fritz addressed supply chain disruptions, citing high import demand, a shortage of truck drivers and warehouse labor, and the impact of COVID-19. He also described organized train theft in the Los Angeles area as a "real problem," stating that the company was working with law enforcement and investing in security measures.