Fund Wants CN to Delay Naming New CEO

A hedge fund seeking to take control of top management of Canadian National wants the Montreal-based Class 1 to delay naming a replacement for its retiring CEO until after a shareholder meeting next March.

TCI Fund Management has put forth a slate of four nominees for seats on the CN board of directors who will be voted upon during the March 22 meeting.

However, TCI’s preferred choice to become CEO, Jim Vena, recently withdrew his name from consideration.

Current CEO J.J. Ruest plans to retire in January after a new CEO is named.

TCI has been critical of CN management this year for its handling of an unsuccessful effort to acquire Kansas City Southern.

That bid collapsed in the face of opposition from the U.S. Transportation Board.

CN rival Canadian Pacific was subsequently able to reach agreement to acquire KCS.

The two expect to merge next year pending approval by the STB.

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