June 7, 2016 by admin

Mongeau stepping down as CN Rail’s CEO citing medical issue

MONTREAL — The CEO of Canadian National Railway is stepping down at the end of June, saying a medical condition makes it difficult to continue in the job.
Claude Mongeau returned to work in January after a months-long medical leave for treatment of a tumour in his larynx or voice box.
CN chief financial officer Luc Jobin, who was one of the leadership team that filled in for Mongeau during his absence, will take over the top job as of July 1.
“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,” Mongeau said in a statement.
He has been CN’s chief executive for six and a half years.
Prior to that, Mongeau was CN’s chief financial officer for 11 years. He has been described as one of the key architect’s of CN’s transformation from a federal Crown corporation to a publicly traded company.
Jobin, 57, has been CN’s chief financial officer since joining the company in 2009. Prior to that, he had been a senior executive at the related companies Imasco, Imperial Tobacco and British American Tobacco, and at Power Corporation.
“Luc (Jobin) and the senior leadership team are well-prepared to carry on delivering CN’s agenda of operational and service excellence,” said CN chairman Robert Pace.