CN announced that its President and Chief Executive Officer, Claude Mongeau, will step down from his role leading CN at the end of June. Mongeau joined CN 22 years ago, was its Chief Financial Officer for 11 years, and its Chief Executive Officer for the last six and a half years. He has been one of the key architects of CN’s remarkable business transformation from the early days towards the company’s Initial Public Offering in 1995, to its successful expansion as a leading North American railway today.
Mongeau said: “I was filled with joy returning at 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.” Mongeau continued: “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.”
CN’s Directors today unanimously appointed Luc Jobin as President and Chief Executive Officer and a Board member, effective July 1st, 2016. Jobin, 57, joined CN as Executive Vice-President and Chief Financial Officer in 2009 following a successful 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 last seven years as he set out to strengthen the finance, information technology and strategic planning functions; he also co-ordinated the CN Leadership Team during Mongeau’s medical leave in the fall of 2015.
CN’s Chairman, Robert Pace, said: “Although Claude will remain available to help with the transition, we will miss him and his sound leadership dearly. His bold innovation agenda, centred on true supply-chain collaboration and solid customer service, has set CN on a path of sustainable value-creation for many years to come and we warmly thank him for that contribution on behalf of all our stakeholders.”
Pace concluded: “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.”