Lyndon Tennison retired, that's what happened. He understood the power of IT and how it could transform UP. He also understood that it's tremendously expensive to actually recruit talented people and retain them. BlackRock, Fritz, and the new Board are mining the company (when they're not busy buying back stock). Do you really think they give a rat's a– about innovation? About IT? About actually running an IT department? It's all over, folks. The surviving IT managers (those who have not yet been replaced) know it, too.
UP was a truly excellent railroad. But it has decided to become just a mediocre Class I railroad, like CSX, CN, CP, or NS–without an IT department transforming operational processes or driving cost savings. As an IT professional, you have nothing but a mediocre (at best) future at UP. Your best bet is to get out. If you're fresh out of college, then stay for a few years (if you can survive) then get out. Don't make any long-term plans. UP certainly isn't.
On-point post from @119BoVuE-2hhw .