CN Announces CEO Jean-Jacques Ruest’s Planned Retirement
October 19 2021 - 4:10PM
CN (TSX: CNR) (NYSE: CNI) today announced that Jean-Jacques (JJ)
Ruest will retire as president and chief executive officer and as a
member of the Board of Directors of the Company, effective as of
the end of January 2022, or such later time as a successor has been
appointed to ensure a flawless transition.
“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. 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 17th,
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.”
Robert Pace, Chair of CN’s Board of
Directors
“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. 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.”
JJ Ruest, President and Chief Executive
Officer
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 Bruder Chair of Search Committee and Chair of the
Governance, Sustainability and Safety Committee |
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, Chair of the Audit, Finance and Risk
Committee |
Retired Chief Executive Officer, British Columbia Railway
Company |
The Hon. Kevin G. LynchChair of the Human Resources and
Compensation Committee |
Retired Vice Chair, BMO Financial Group, and Former Clerk of the
Privy Council, Government of Canada |
The Search Committee is working with, Korn Ferry, a leading
executive search firm to conduct a global search for Mr. Ruest’s
successor and will consider all qualified internal and external
candidates.
About CNCN is a world-class
transportation leader and trade-enabler. Essential to the economy,
to the customers, and to the communities it serves, CN safely
transports more than 300 million tons of natural resources,
manufactured products, and finished goods throughout North America
every year. As the only railroad connecting Canada’s Eastern and
Western coasts with the U.S. South through a 19,500-mile rail
network, CN and its affiliates have been contributing to community
prosperity and sustainable trade since 1919. CN is committed to
programs supporting social responsibility and environmental
stewardship.
Forward-Looking Statements
Certain statements included in this news release constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws, including statements based on
management’s assessment and assumptions and publicly available
information with respect to CN. By their nature, forward-looking
statements involve risks, uncertainties and assumptions. CN
cautions that its assumptions may not materialize and that current
economic conditions render such assumptions, although reasonable at
the time they were made, subject to greater uncertainty.
Forward-looking statements may be identified by the use of
terminology such as “believes,” “expects,” “anticipates,”
“assumes,” “outlook,” “plans,” “targets,” or other similar
words.
Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and other
factors which may cause actual results, performance or achievements
of CN to be materially different from the outlook or any future
results, performance or achievements implied by such statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Important risk factors that could
affect the forward-looking statements in this news release include,
but are not limited to: the duration and effects of the COVID-19
pandemic, general economic and business conditions, particularly in
the context of the COVID-19 pandemic; industry competition;
inflation, currency and interest rate fluctuations; changes in fuel
prices; legislative and/or regulatory developments; compliance with
environmental laws and regulations; actions by regulators;
increases in maintenance and operating costs; security threats;
reliance on technology and related cybersecurity risk; trade
restrictions or other changes to international trade arrangements;
transportation of hazardous materials; various events which could
disrupt operations, including illegal blockades of rail networks,
and natural events such as severe weather, droughts, fires, floods
and earthquakes; climate change; labor negotiations and
disruptions; environmental claims; uncertainties of investigations,
proceedings or other types of claims and litigation; risks and
liabilities arising from derailments; timing and completion of
capital programs; and other risks detailed from time to time in
reports filed by CN with securities regulators in Canada and the
United States. Reference should also be made to Management’s
Discussion and Analysis in CN’s annual and interim reports, Annual
Information Form and Form 40-F, filed with Canadian and U.S.
securities regulators and available on CN’s website, for a
description of major risk factors relating to CN.
Forward-looking statements reflect information
as of the date on which they are made. CN assumes no obligation to
update or revise forward-looking statements to reflect future
events, changes in circumstances, or changes in beliefs, unless
required by applicable securities laws. In the event CN does update
any forward-looking statement, no inference should be made that CN
will make additional updates with respect to that statement,
related matters, or any other forward-looking statement.
Contacts:
MediaCanadaMathieu GaudreaultCN
Media Relations & Public Affairs(514)
249-4735Mathieu.Gaudreault@cn.ca Longview Communications &
Public AffairsMartin Cej (403) 512-5730 mcej@longviewcomms.ca
United StatesBrunswick GroupJonathan Doorley /
Rebecca Kral(917) 459-0419 / (917)
818-9002jdoorley@brunswickgroup.comrkral@brunswickgroup.com |
Investment CommunityPaul
ButcherVice-PresidentInvestor Relations(514)
399-0052investor.relations@cn.ca |
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