CN Rail launches global search for new CEO as Ruest plans exit
BNN Bloomberg
CN Rail said Chief Executive Officer Jean-Jacques Ruest plans to retire by the end of January, handing an apparent victory to a major shareholder that had been pressuring him to step down.
Canadian National Railway Co. said Chief Executive Officer Jean-Jacques Ruest plans to retire by the end of January, handing an apparent victory to a major shareholder that had been pressuring him to step down.
The surprise announcement comes one day after TCI Fund Management Ltd., CN’s second largest holder, released a presentation on its plans for change at the railway. TCI argues that CN must “urgently” take measures to improve efficiency and profitability.
The firm, which is run by billionaire Chris Hohn, has nominated four directors to the board and pushed for Ruest to be replaced with industry veteran Jim Vena, CN’s former chief operating officer.
In a conference call Tuesday, Ruest said the board is searching for the best possible replacement for him. “They’re not on the clock. It doesn’t mean they will go slow,” he said. “I am staying until the end of January or whenever is required to do a smooth transition. At this point we are looking for quality and sometimes quality takes a little time.”
Montreal-based Canadian National said Ruest will also leave the board next year. “I would like to thank JJ for his dedicated service to CN over 25 years and as CEO since 2018. He has provided the company and all of our stakeholders with strong and inspired leadership,” said Robert Pace, CN’s chairman, in a statement.
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