Canadian National Railway says CEO to retire
Oct 19 - Canadian National Railway Co said on Tuesday Chief Executive Officer Jean-Jacques Ruest will retire at the end of January or when a successor has been appointed.
In the company's first set of results since its failed bid for Kansas City Southern, the country's largest railroad operator also reported a 9.5% rise in third-quarter adjusted profit as it shipped more coal, petroleum and chemicals.
Shareholder Chris Hohn's TCI Fund Management had demanded that Ruest step down from the helm, citing the company's "ill-conceived" efforts to pursue a merger with Kansas City. It nominated former Union Pacific executive Jim Vena for the top job.
TCI did not immediately respond to a request for comment.
"I am confident that the company is well-positioned to continue to thrive following my retirement," Ruest said in a statement. ($1 = 1.2365 Canadian dollars) (Reporting by Abhijith Ganapavaram and Amruta Khandekar in Bengaluru; Editing by Devika Syamnath)
