Under pressure, CN announces change in controls

Under pressure, CN announces change in controls
Under pressure, CN announces change in controls

Criticized by its second-largest shareholder who wants a clean-up in senior management, the Canadian National Railway Company (CN) announced on Tuesday that its Chairman and CEO Jean-Jacques Ruest will be stepping down from his post in what is presented as a “planned retirement”.



Posted on October 19, 2021 at 4:31 p.m.

Julien arsenault
Press

The largest railroad in the country made the announcement in conjunction with the release of its results for the third quarter ended September 30.

“I am convinced that the company is well positioned to continue to progress after my retirement”, underlined Mr. Ruest, in a short press release, noting that he will bow out at the end of January.

According to the Montreal-based rail carrier, the person who will replace Mr. Ruest should have been identified since a special committee has been set up.

TCI Fund Management, which owns a 5.2% stake in CN, wants to replace four of the company’s 11 board members with nominees it chooses. The London fund also wanted a new president to take control of the company.

The firm, which has a reputation as an activist, opposed CN’s attempt to buy rail carrier Kansas City Southern (KCS), which ultimately opted for the Canadian Pacific (CP) offer.

Source

pressure announces change controls

 
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