Investor-backed CEO candidate out of the running to lead CN
ABC News
The CEO candidate backed by an investor who is pushing for changes at Canadian National railroad has dropped out of the running, but the company is moving forward with plans to name a new top executive next month
OMAHA, Neb. -- The CEO candidate backed by an investor who is pushing for changes at Canadian National railroad has dropped out of the running, but the company is moving forward with plans to name a new top executive next month.
Canadian National said Monday that Jim Vena told the Montreal-based railroad's board Sunday that he is no longer interested in the CEO job. Vena is a former CN executive who also led operations at Union Pacific railroad for a couple years.
The railroad's current CEO JJ Ruest has announced plans to retire at the end of January after CN failed to acquire Kansas City Southern railroad earlier this year.
Vena was recommended for the job by the London-based investment firm TCI Fund that has nominated four new directors and recommended that CN focus on cutting costs and improving its own operations. Officials from TCI, which owns 5% of CN's stock, didn't immediately respond to questions Monday.
