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MONTREAL — Canadian National CEO JJ Ruest will retire in January, the railroad announced today amid the ongoing proxy contest launched by activist investor TCI Fund Management. No successor was named, and CN’s announcement came a day after TCI released its plan touting former CN Chief Operating Officer Jim Vena as its chief executive candidate […]
MONTREAL — Canadian National announced that Jean-Jacques Ruest will retire as president and CEO and as a member of the board of directors, effective as of the end of January 2022, or such later time as a successor has been appointed. “On behalf of the Board, I would like to thank JJ for his dedicated […]
LONDON — TCI Fund Management today released its plan to improve Canadian National’s operational and financial performance, saying that replacing CEO JJ Ruest with former CN Chief Operating Officer Jim Vena would usher in a new era of growth and profitability. But TCI’s plan, included with the launch of a website called cnbackontrack.com, sets no […]
GATINEAU, Quebec — No evidence links railway operations to the fire that destroyed the town of Lytton, British Columbia, in June, the Transportation Safety Board of Canada said in a Thursday news release. This means the TSB’s role in the investigation is complete “unless new information establishes that a TSB reportable event occurred.” The fire […]
WASHINGTON – Canadian National and Watco have urged the Surface Transportation Board to lift the hold it placed on the transfer of nearly 500 miles of former Wisconsin Central branch lines. Watco, in a filing on Tuesday, told the board that it has been preparing to launch service on the routes in Wisconsin and the neighboring […]
Traffic on the big six Class I railroads was a mixed bag in the third quarter, as three systems saw gains versus a year ago and three experienced volume declines. For the third quarter, which ended Sept. 30, total volume on the big six systems was up an average of 0.5%, according to a Trains […]
LONDON – The war of words continues between Canadian National and TCI Fund Management, its second-largest investor. TCI, which seeks to oust CN CEO JJ Ruest and has nominated four directors to serve on CN’s board, today disputed claims that CN made on Monday. CN yesterday set March 22 as the date it will hold […]
MONTREAL – Canadian National has set March 22 as the date when shareholders will vote on activist investor TCI Fund Management’s proposal to oust CEO JJ Ruest and four members of the railway’s board. TCI, which argues that CN has underperformed financially and operationally in recent years, has agreed to the date of the special shareholder […]
MONTREAL – Canadian National has fired back at activist investor TCI Fund Management, which has called for a management shakeup at the railway. CN today said TCI has made numerous “false or misleading” claims about CN’s financial performance and the risks related to the railway’s failed pursuit of Kansas City Southern. CN says TCI has not […]
LONDON — Activist investor TCI Fund Management, which is seeking to oust Canadian National’s top management, criticized the railway’s corporate governance practices today after the resignation of one of CN’s board members. “It has come to our attention that Julie Godin, CN’s youngest female director, resigned from the Board on September 16, 2021 — the […]
NEW ORLEANS — After first being turned back to Chicago at Memphis, Tenn., and later at Jackson, Miss., Amtrak’s City of New Orleans will finally make its grand entrance to the Crescent City one month after Hurricane Ida slammed into Louisiana with torrential rains and strong winds. The southbound train departing Chicago today and its […]
MONTREAL — Canadian National is fighting back. In the wake of an activist investor’s call for a management shakeup and improved financial results, CN today announced a “Full Speed Ahead” plan to reduce its operating ratio, cut capital spending, and increase shareholder returns through a combination of earnings growth and share buybacks. CN is targeting […]
