An international search for a new CEO of Canadian National is underway following the news that Luc Jobin is leaving the railroad effective immediately.
Jobin joined CN in 2009 as executive vice-president and chief financial officer before being named president and CEO in July 2016 following the retirement of Claude Mongeau.
With Jobin’s immediate departure, Jean-Jacques Ruest has been appointed by the board to serve as interim president and CEO until a permanent replacement is in place. Ruest has been with the company for 22 years, the past eight as executive vice-president and chief marketing officer.
“The board believes the company needs a leader who will energize the team, realize CN’s corporate vision and take the company forward with the speed and determination CN is known for,” said Board Chairman Robert Pace. “Mr. Ruest is well known to customers and investors, and is well positioned to focus the company and its very experienced and proven team of railroaders to rapidly address operational challenges during the transition.”
CN’s Board of Directors said it believes that in an increasingly competitive marketplace, CN must respond with speed and innovation to retain its leadership position. The Board also recognized the immediate operational and customer service challenges the company has been facing since Fall 2017 – led by high demand and insufficient network resiliency, coupled with severe winter weather conditions.
“CN must accelerate execution of the innovation strategy articulated at our Investor Day last June,” said Pace. “The board is confident this remains the right course to restore and retain industry-leading metrics and best in class customer service.”