CN promotes CFO as CEO resigns

Luc Jobin. (CN.ca)

Canadian National Railway’s (CN) chief financial officer Luc Jobin will become its chief executive on July 1, as incumbent CEO Claude Mongeau steps down for health reasons.

Mongeau announced Tuesday he will resign as CN’s CEO at the end of June, after leading the railway company for six and a half years.

“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,” he said in a release.

Mongeau underwent surgery last fall on a rare type of precancerous soft-tissue tumour in his larynx, followed by about six weeks of radiation treatments.

Montreal-based CN’s board of directors on Tuesday appointed Jobin to take over as the company’s president and CEO effective July 1.

Jobin, the company’s CFO since 2009, co-ordinated the company’s management during Mongeau’s absence last fall.

Jobin previously served in upper management at mining firm Imasco, Imperial Tobacco, British American Tobacco and major Canadian holding firm Power Corporation before joining CN.

CN board chairman Robert Pace on Tuesday said Mongeau’s “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.”

Mongeau had worked for CN for 22 years and was named CEO after Hunter Harrison’s retirement in 2009. Harrison came out of retirement in 2012 as CEO for CN’s Calgary rival, Canadian Pacific Railway (CP). — AGCanada.com Network

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