Union Pacific CEO sees strong economy

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 percent 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. Shipping volumes are nearly even with 2019 signaling demand is back at pre-pandemic levels.