A big change at the railway as it struggles to meet grain shipping commitments.
CN has announced in a news release that Luc Jobin is leaving the company ”effective immediately.”
No specific reasons were given for Jobin’s unexpected departure, but the following company statement could provide some clues.
“The Board believes the company needs a leader who will energize the team, realize CN’s corporate vision and take the company forward with the speed and determination CN is known for,” said Board Chairman Robert Pace.
Jobin’s exit comes less than two years after he replaced Claude Mongeau.
Jean-Jacques Ruest has been appointed interim president and CEO, while CN launches a search for a replacement. Ruest has been a CN employee for more than two decades and had been the chief marketing officer.
The full CN Rail news release can be found below:
MONTREAL, March 05, 2018 (GLOBE NEWSWIRE) — The Board of Directors of CN (TSX:CNR) (NYSE:CNI) announced today that Luc Jobin is leaving CN effective immediately.
The Board has appointed Jean-Jacques Ruest Interim President and Chief Executive Officer until a permanent replacement is in place. Mr. Ruest has been with the company for twenty-two years, the last eight as Executive Vice-President and Chief Marketing Officer.
The Board believes the company needs a leader who will energize the team, realize CN ‘s corporate vision and take the company forward with the speed and determination CN is known for, said Board Chairman Robert Pace. 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.
The Board believes that in an increasingly competitive marketplace, CN must respond with speed and innovation to retain its leadership position. The Board also recognizes the immediate operational and customer service challenges the company has been facing since Fall 2017 – led by high demand and insufficient network resiliency, coupled with severe winter weather conditions.
CN must accelerate execution of the innovation strategy articulated at our Investor Day last June, said Mr. Pace. The Board is confident this remains the right course to restore and retain industry-leading metrics and best in class customer service.
An international search for a new CEO is underway.