Canadian National Railway Co. says Jim Vena has removed himself from of the running to become the company’s new CEO.
CN says Vena, a former executive favoured by activist shareholder TCI Fund Management Ltd. to run the company, notified the board on Sunday that he is no longer interested in pursuing the role and has withdrawn from the process.
The Montreal-based company says it provided the update on its search process on Monday because TCI has called a special meeting of shareholders for March 2022, with one goal being to have Vena appointed CEO of CN.
CN says it expects to complete the CEO search process and announce a replacement for outgoing CEO Jean-Jacques Ruest in January.
Ruest had been a target for replacement by TCI.
CN says its search committee has identified and continues to interview a number of candidates.
The company says the board remains committed to finding the right leader to continue its ambitions to build the premier railway for the 21st century and deliver immediate and long-term value to all shareholders while retaining its commitment to safety and customer service.
TCI released a plan in October that it said would help put CN “back on track,” which included Vena becoming the company’s new CEO.