Reuters — Canadian National Railway on Tuesday named industry veteran Tracy Robinson as its new chief executive officer, soothing a months-long tussle with its second-largest shareholder over leadership at the railroad operator.
Robinson will replace Jean-Jacques Ruest, who announced his decision to step down from the role in October following investor demands for his exit after CN’s failed bid for Kansas City Southern.
CN will also appoint two new independent directors as a part of a settlement with TCI Fund Management, which has agreed to withdraw a requisition for a special meeting of shareholders that was previously slated for March 22.
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Billionaire Chris Hohn’s TCI in September nominated four independent directors to the company’s board. It has been seeking a change since August, saying the board lacked “the right railroad experience and operational expertise.”
Robinson, who takes over the top role from Feb. 28, spent 27 years with Canadian Pacific Railway in various executive roles, before joining North American energy company TC Energy in 2014.
CN said Robinson has made it a personal priority to build proficiency in French, the sole official language of Quebec, which houses the company’s headquarters in Montreal.
The statement comes after a language furor rattled corporate Quebec last year, leaving some companies scrambling to improve the French-speaking skills of their C-suite executives.
CN also announced quarterly results on Tuesday. It reported an adjusted profit of $1.71 per share in the fourth quarter ended Dec. 31, beating market expectations of $1.53 per share.
— Reporting for Reuters by Rithika Krishna in Bangalore.
