CN Appoints New CEO and Reaches Deal with Activist Shareholders | Northwest Indiana Commercial Securities
CN has named a new CEO and reached a deal with activist shareholders who sought to overhaul the company’s leadership after Kansas City Southern’s failed takeover bid last year.
Montreal-based CN, which operates Kirk Yard in Gary and rail throughout the region, has named Tracy Robinson as president and chief executive after JJ Ruest agreed to retire after 25 years.
“This is a transformative time at CN, and I couldn’t be more excited about the opportunities ahead of us,” said Robinson. “Our goal is to build the railroad of the future, a railroad that creates value for shareholders by meeting the needs of our customers. , employees, communities and economies that depend on us, safely, reliably and efficiently. I look forward to working closely with CN’s extremely talented railroaders, Board of Directors and management team as we take CN to the next level of industry performance and leadership. I also want to say that I respect and appreciate CN’s rich history in Montreal and Quebec, where the common and official language is French. I am delighted to return to the wonderful city of Montreal, and have already started French lessons to ensure that I am able to fully experience living in Quebec and communicate with the valued employees and customers. of CN across the continent.
Robinson comes most recently from TC Energy and spent nearly three decades at Canadian Pacific. She has 35 years of experience in management and business leadership.
“I have no doubt that Tracy will be an extraordinary leader for the next phase of CN’s journey and I look forward to working closely with her,” said Shauneen Bruder, Chair of the CEO Search Committee. “I would like to express my gratitude to my fellow Board and Search Committee members for their work in this very rigorous and thorough process and JJ Ruest for the leadership he has provided as CEO since 2018. We wish JJ all the best for his upcoming retirement.
CN has reached an agreement with CIFF Capital and TCI to appoint two directors to its board of directors, by mutual agreement.
In exchange, TCI will withdraw its request to call a special meeting of shareholders on March 22.
“We are pleased to have reached an agreement that will strengthen CN’s Board of Directors with the addition of two new highly qualified directors. TCI looks forward to constructive future engagement with CN,” said TCI Founder and Portfolio Manager Chris Hohn.
Bruder and Jean Charest were added to the railroad board.
“We are pleased to have appointed a world-class CEO to lead CN through our next phase of growth and announced that we continue to add highly qualified independent directors to our Board,” said CN president, Robert Page. “We have appreciated the feedback we have received from our shareholders throughout this process and are very excited about all that CN can accomplish as we build the railroad of the future.”
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