CN chief Claude Mongeau to step down
Luc Jobin to take reins after seven years as rail firm's CFO; Mongeau said he has found it difficult to fulfill CEO role following medical leave
MONTREAL—The CEO of the Canadian National Railway Co. is stepping down after six and a half years at the head of Canada’s largest rail company.
Mongeau had put his role on hold last year, taking six months to recover from the removal of a soft-tissue tumour in his larynx. He returned this January, but says he has found it difficult to transition back into the position.
“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 statement June 7. “I sincerely thank the key members of my leadership team and my fellow CN Directors for their understanding and support in the circumstances.”
To remove the tumour, doctors were forced to replace Mongeau’s voice box with a prosthesis.
CN plans to name the company’s current CFO, Luc Jobin president and CEO as of July 1, 2016. Jobin has served as executive vice-president and CFO since 2009. Prior to joining the company he held senior positions within Imasco, Imperial Tobacco, British American Tobacco and Power Corp. Jobin also coordinated the railway’s leadership team during Mongeau’s six-month medical leave.
“Luc and the senior leadership team are well-prepared to carry on delivering CN’s agenda of operational and service excellence,” CN Chairman, Robert Pace said. “With its unique three-coast network, its diversified business franchise and its workforce of 23,000 highly talented railroaders, CN remains very well-positioned for the future.”
Mongeau spent 22 years with CN, and was the company’s CFO for 11 years before rising to the railway’s top rank. He said he leaves the company “in good hands.”