Mongeau steps down

Citing health reasons, CN President and Chief Executive Officer Claude Mongeau will step down on June 30, 2016. Executive Vice President and Chief Financial Officer Luc Jobin will succeed him.

“I was filled with joy returning to the helm earlier this year, but I gradually came to realize that it is difficult to fulfill such a demanding ‎role given my new condition as a laryngectomee. I sincerely thank the key members of my leadership team and my fellow CN directors for their understanding and support in the circumstances. Facing up to a situation like this inevitably stirs a lot of emotions, but I step down from my role with a deep sense of pride and the firm conviction that CN remains in good hands and has a bright future.”

Mongeau, who joined CN 22 years ago, was CFO for 11 years and CEO for the past six and a half years. “He has been one of the key architects of CN’s remarkable business transformation from the early days toward the company’s Initial Public Offering in 1995 to its successful expansion as a leading North American railway today,” CN said.

CN’s Directors unanimously appointed Luc Jobin as President and CEO and a member of the CN Board effective July 1, 2016. Jobin, 57, joined CN as Executive Vice President and CFO in 2009 following a career as a senior executive at Imasco, Imperial Tobacco, British American Tobacco and Power Corporation. “CN has greatly benefitted from his very broad business experience over the past seven years as he set out to strengthen the finance, information technology and strategic planning functions,” CN said. “He also coordinated the CN leadership team during Mongeau’s medical leave in the Fall of 2015.”

“Although Claude will remain available to help with the transition, we will miss him and his sound leadership dearly,” said CN Chairman Robert Pace. “His bold innovation agenda, centered on true supply-chain collaboration and solid customer service, has set CN on a path of sustainable value creation for many years to come. We warmly thank him for that contribution on behalf of all our stakeholders. Luc and the senior leadership team are well-prepared to carry on delivering CN’s agenda of operational and service excellence. With its unique three-coast network, its diversified business franchise and its workforce of 23,000 highly talented railroaders, CN remains very well-positioned for the future.”