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TCI Comments on Resignation of CN Railway CEO
TCI Comments on Resignation of CN Railway CEO PR Newswire LONDON , ...
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[{"type":"text","content":"\n \n \n \n TCI Comments on Resignation of CN Railway CEO\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n LONDON\n \n ,\n \n Oct. 19, 2021\n \n /PRNewswire/ -- Long-term shareholders CIFF Capital UK LP and The Children's Investment Master Fund, acting by their investment manager TCI Fund Management Limited (CIFF Capital UK LP, The Children's Investment Master Fund and TCI Fund Management Limited, together, \"TCI\"), comments on the resignation of Canadian National Railway Company's (TSX: CNR) (NYSE:\n \n CNI\n \n ) (\"CN\" or \"the Company\") CEO,\n \n J.J. Ruest\n \n .\n \n \n \"We appreciate CN's Board of Directors listening to the concerns of its shareholders, recognizing it has created a problem for the Company and taking TCI's advice to implement change. Dismissing the same CEO that the Board put in place just three short years ago is a good start, but it does not address the fundamental problem of a lack of leadership, failed strategic oversight, and the vacuum of operational expertise at the Board level. Putting a new plan out a month ago without having the CEO needed to implement it is a massive corporate governance failure and puts the future of the Company at risk. The good news is TCI has a clear plan and the right people available now to fix that,\" said\n \n Chris Hohn\n \n , TCI Founder and Portfolio Manager.\n \n \n \"This announcement is a clear admission by the Board that change is needed, and we are here to help usher in that needed change as quickly as possible. We have already identified an excellent CEO candidate in\n \n Jim Vena\n \n , who is available now, and we encourage the Board to meet with him immediately to secure his leadership. In addition, to solve the governance crisis the Board has created for itself, the Board should meet with the four independent nominees TCI has put forward and expedite their appointment to the Board, effective immediately.  We also expect that given the history of failed CEO appointments, the Board would welcome the advice, expertise and participation of TCI's nomin...