CN (TSX: CNR) announced an update in its ongoing search to replace its retiring CEO Jean-Jacques Ruest. Former COO Jim Vena has announced his withdrawal from the list of candidates being considered for the position.
“CN has only provided an update on this search process because TCI has requisitioned a Special Meeting of Shareholders on March 22, 2022 with one goal being to have Mr. Vena appointed CEO of CN,” the company’s statement read. “Since Mr. Vena is no longer being considered for this position, CN believed it was appropriate to provide shareholders with an update.”
TCI Fund Management is one of the firm’s shareholders.
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Ruest is expected to step down by the end of January 2022, by which the search committee expects to announce his successor.
Vena served as the company’s COO from 2013 to 2016. He recently served as the COO of Union Pacific until he stepped down in January 2021.
CN last traded at $164.12 on the TSX.
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