Luc Jobin to
succeed him as President and Chief Executive Officer as
of July 1st, 2016
MONTREAL, June 7, 2016 /PRNewswire/ - CN (TSX: CNR)
(NYSE: CNI) announced today 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 CN's 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 member of the CN Board effective as of 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."
Forward-Looking Statements
Certain information included in this news release constitutes
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws. CN cautions that, by their nature, these
forward-looking statements involve risks, uncertainties and
assumptions.
Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors which may cause the actual results or performance of
the Company or the rail industry to be materially different from
the outlook or any future results or performance implied by such
statements. Important risk factors that could affect the
forward-looking statements include, but are not limited to, the
effects of general economic and business conditions, 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, various events which could disrupt operations,
including natural events such as severe weather, droughts, floods
and earthquakes, labor negotiations and disruptions, environmental
claims, uncertainties of investigations, proceedings or other types
of claims and litigation, risks and liabilities arising from
derailments, and other risks detailed from time to time in reports
filed by CN with securities regulators in Canada and the
United States. Reference should 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, available on CN's website, for a summary of
major risk factors.
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.
CN is a true backbone of the economy, transporting more than
C$250 billion worth of goods annually
for a wide range of business sectors, ranging from resource
products to manufactured products to consumer goods, across a rail
network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National
Railway Company, along with its operating railway subsidiaries --
serves the cities and ports of Vancouver, Prince
Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of
Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth,
Minn./Superior, Wis., and
Jackson, Miss., with connections
to all points in North America.
For more information about CN, visit the Company's website at
www.cn.ca.
SOURCE CN