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CN ousts CEO Luc Jobin

Unread postPosted: Mon Mar 05, 2018 10:32 pm
by trainjunkie47
https://www.bloomberg.com/news/articles/2018-03-05/canadian-national-railway-chief-executive-luc-jobin-steps-down

From Bloomberg:

Overwhelmed by a surge in freight, Canadian National Railway Co. replaced Chief Executive Officer Luc Jobin after less than two years, vowing to install a leader who can deliver “speed and determination.”

Chief Marketing Officer Jean-Jacques Ruest, 62, was appointed interim CEO effective immediately. An international search for a new CEO is under way, the Montreal-based company said Monday.

“They’ve had a pretty poor operating performance since the fall,’’ Cameron Doerksen, an analyst at National Bank Financial, said in an interview. “The longer the operating issues persist, the more risk you have of losing customers. CN does have an experienced leadership team, so I don’t have any concerns.’’

Ruest, a 22-year veteran of the company, will need to act quickly to turn around a railroad that long had been a standard of efficiency but that has grappled with network congestion in recent months. Canadian National recently earned a rare public rebuke from key customer Halliburton Co., which said rail service delays would hurt earnings at the oilfield-services company.