Union Pacific's new CEO came into the job last month with a reputation for cost-cutting. Jim Vena said Tuesday that he won't shy away from that, but no one should expect the kind of sweeping changes he made when he first oversaw the railroad's operations a few years ago.
“I promise you this: we’re going to be the best,” Vena said. “We’re going to have the best margins. We’re going to have the best service, and we’re going to have the best safety record. And if we do that, customers will want to come with us.”
But the current weak consumer demand amid the uncertain economy and inflation has translated into a 3% drop in volume so far in the third quarter, even though most industrial shipments have remained steady. That will put pressure on Union Pacific’s profits. Vena’s comments about continuing to improve safety will likely be welcomed by the head of the Federal Railroad Administration who took the railroad to tasklast week detailing an alarming number of defects found by inspectors this summer on freight cars and locomotives in use at Union Pacific’s largest railyard.
After Vena spoke with FRA Administrator Amit Bose on the phone Monday, he wrote a letter stressing Union Pacific’s commitment to addressing the concerns and making any needed changes or repairs.
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