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Soroban didn’t immediately respond to the hiring news Wednesday morning, but investors resoundingly endorsed it by sending Union Pacific’s stock soaring more than 8% to $233.48 in premarket trading.

The Soroban Capital Partners hedge fund that holds a $1.6 billion stake in Union Pacific had been urging the railroad to hire Vena because of his expertise in streamlining operations.

Soroban, which owns an about $1.6 billion stake in Union Pacific, urged the company on Sunday to consider its former chief operating officer Jim Vena for the role — a choice that was backed by brokerage BMO Capital Markets.

Lance Fritz, will reportedly step down after the hedge fund Soroban Capital called for his ouster.

The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz’ tenure over the past eight years and that a leadership change is overdue.