CN CEO Ruest to Retire in January

Canadian National CEO Jean-Jacques Ruest will retire in January.

In a news release, CN said Ruest had deferred discussing his retirement plans in order to see through the proposed merger with Kansas City Southern, which was called off after the U.S. Surface Transportation Board rejected CN’s request to place KCS stock in a voting trust while regulators reviewed the merger.

The news release said CN would conduct a global search for a new CEO and that Ruest might stay on in his post beyond January if need be until a new CEO is hired.

Ruest has worked for CN for more than 25 years and been CEO since 2018.

In an unrelated development, CN said it earned during the third quarter of 2021 revenue of CA$3.6 billion, up 5 percent from the same period a year ago; operating income of CA$1.34 billion, up 2 percent; adjusted operating income of CA$1.5 billion, up 8 percent.

Diluted earnings per share were CA$2.37, up 72 percent while adjusted diluted earnings per share were CA$152, an increase of 10 percent.

The operating ratio improved 2.8 points to 62.7 percent. The adjusted operating ratio of 59 percent was a gain of 0.9 points.

CN said operating income and operating ratio were affected by transaction-related costs for the unsuccessful bid to acquire KCS.

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