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 service to CN over 25 years and as CEO since 2018. He has provided the company and all of our stakeholders with strong and inspired leadership,” Chairman Robert Pace says. “JJ deferred discussions on his retirement plans in order to see the company through the potential merger with KCS and closing of the transaction, and the introduction of the strategic plan announced on September 17, 2021, which is beginning to demonstrate results. We are grateful for his leadership and his exemplary commitment of service to the Company and wish him the all the best in his upcoming retirement.”
“I have been honored to lead CN during my time as chief executive officer, and I am confident that the Company is well positioned to continue to thrive following my retirement,” Ruest says. “The strength of the company’s management team and Board allow me to announce my planned retirement knowing that the company we have built will continue to prosper.”
The board has appointed a CEO Search Committee consisting of the following board members to conduct the global search and make recommendations to the full board.
- Shauneen Brude, Retired Executive Vice-President, Operations, Royal Bank of Canada
- Justin M. Howell, Senior Investment Manager, Cascade Asset Management Co., asset manager for Cascade Investment L.L.C.
- Robert L. Phillips, Retired Chief Executive Officer, British Columbia Railway
- Hon. Kevin G. Lynch, Retired Vice Chair, BMO Financial Group, and Former Clerk of the Privy Council, Government of Canada
The committee is working with Korn Ferry, an executive search firm, to conduct a global search for Ruest’s successor and will consider all qualified internal and external candidates.
So how much is getting as a good by gift?