Union Pacific CEO sees strong economy coming out of pandemic
ABC News
During his time as Union Pacific’s CEO, Lance Fritz has had to find ways to keep the freight moving during the coronavirus pandemic as the economy nearly ground to a halt and then roared back to life
OMAHA, Neb. -- As Union Pacific’s CEO, Lance Fritz has had to find ways to keep the freight moving during the coronavirus pandemic as the economy nearly ground to a halt and then roared back to life. Now he is working to help clear up a major backlog in imported shipments.
In the spring of 2020 — at the height of the restrictions related to the pandemic — shipping volume fell more than 20% before rebounding sharply later that year. Railroads had to cut staff quickly while still making sure they had enough people to cover virus-related illnesses and quarantines before rehiring at a fast pace to handle the return in volume.
Current shipping volumes are nearly even with 2019 signaling that demand is back at pre-pandemic levels and the economy is strong, although it has weakened a bit recently as virus cases surged.
The Associated Press interviewed the 58-year-old Fritz, who also serves as the Omaha, Nebraska-based railroad’s chairman and president. His responses have been edited for clarity and length.
