CN Rail needs new leader

Photo: CTV

Canadian National Railway Co. has replaced president and chief executive Luc Jobin, saying its board of directors believes the company needs a more energetic leader who will speed up execution of its strategic vision.

The Montreal-based company also said it recognizes the railway has had operational and customer service challenges since last fall when it experienced what the statement called "insufficient network resiliency."

In October, the company said it was on a hiring spree because it didn't have enough crews to handle increased demand prompted by a stronger North American economy.

At the time, CN chief operating officer Mike Cory told analysts that the company was "catching up" in some areas where it was surprised after reducing its workforce in early 2016.

CN said Monday that it has appointed CN chief marketing officer Jean-Jacques Ruest as interim replacement for Jobin while it conducts a search for a new permanent CEO.

Ruest has been with CN Rail for 22 years and has been its chief marketing officer for the last eight years.

"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," chairman Robert Pace said in the statement.

"CN must accelerate execution of the innovation strategy articulated at our investor day last June."

"The board is confident this remains the right course to restore and retain industry-leading metrics and best in class customer service," Pace said.