Union Pacific Corp. (NYSE:UNP) stated it is in search of a successor to exchange chief government officer Lance Fritz to run the railroad operator.

Union Pacific’s board plans to call a successor who will assume the CEO function this yr, in line with a assertion from the corporate earlier Sunday.

The Union Pacific information come after a report earlier Sunday from the WSJ that hedge fund Soroban Capital Companions was pushing to exchange Fritz. Soroban is a big holder of Union Pacific (UNP) with a greater than 1% stake valued at about $1.6 billion.

Soroban is claimed to need railroad veteran Jim Vena, Union Pacific’s chief working officer from 2019 to 2020, to take the highest job, changing Fritz, in line with the WSJ. Soroban argues Union Pacific’s (UNP) inventory worth may double in two years below Vena.

Union Pacific (UNP) stated within the assertion that its board had been “actively participating” with Soroban Capital since 2017, although Soroban instructed the railroad operator in current discussions that it deliberate to take conversations to a public stage.

“Union Pacific has been my residence for 22 years and I’m assured that now could be the fitting time for Union Pacific’s subsequent chief to take the helm,” Fritz stated within the assertion. “I stay up for working with the Board as we determine our subsequent CEO to guide the Firm into the longer term.”

Union Pacific (UNP) shares have dropped 21% over the previous yr. The corporate reported This fall outcomes final month that missed on the highest and backside line.