[080616.EN.BIZ] Throat Cancer Induces CN President and CEO Claude Mongeau To Step Down

THE Canadian National Railway (CN) has announced that its president and CEO Claude Mongeau, 54, stricken with throat cancer, will step down at the end of June to be succeeded by Luc Jobin, 57, the company's chief financial officer.

Mr Mongeau joined CN 22 years ago, was CN's chief financial officer for 11 years, and its CEO for the last six and a half years.

"He has been one of the key architects of CN's remarkable business transformation from the early days towards the company's IPO in 1995, to its successful expansion as a leading North American railway today," said a CN statement.

Said Mr Mongeau: "I was filled with joy returning at the helm earlier this year, but I gradually came to realise that it is difficult to fulfill such a demanding role in my new condition as a laryngectomee [one who has had the surgical removal of the larynx]."

He thanked the key members of his leadership team and fellow CN directors for their understanding and support in the circumstances.

"Facing up to a situation like this inevitably stirs a lot of emotions, but I step down from my role with a deep sense of pride and the firm conviction that CN remains in good hands and has a bright future," he said.

CN's directors today unanimously appointed Mr Jobin as president and CEO. Mr Jobin joined CN as executive vice president and CFO in 2009 following a successful career as a senior executive at Imperial Tobacco, British American Tobacco and Power Corporation.

Said CN chairman Robert Pace: "Although Claude will remain available to help with the transition, we will miss him and his sound leadership dearly. His 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."

Soiurce : HKSG.