Reuters — TCI Fund Management said on Thursday Canadian National Railway’s search for a new chief executive officer should be delayed until shareholders at the nation’s top rail operator vote for a new search committee to elect a CEO. The announcement comes days after CN said TCI’s pick and former Union Pacific executive Jim Vena […] Read more
Tag Archives cn — page 7
Hedge fund TCI seeks delay in CN CEO search
Grain movement to Vancouver picking up
Railways seen recovering from B.C. damages faster than many had expected
Western grain movement to the Port of Vancouver was at 60 per cent of normal as of Dec. 15 and is expected to continually improve, Mark Hemmes, Canada’s grain monitor and president of Quorum Corp. said in an interview Wednesday. “I think by next week it’s going to look a lot better,” he said. “Is […] Read more
Vena withdraws as candidate for CN CEO role
Reuters — Canadian National Railway said on Monday Jim Vena, who was backed by a group of investors to lead the country’s largest railway operator, had pulled out of the running to serve as its new chief. Shares of CN fell as much as 6.5 per cent on the news. The former Union Pacific executive […] Read more
CN again reopens Kamloops-Vancouver corridor
'Quite a bit' of traffic shifted to Prince Rupert
MarketsFarm — After recent heavy rains forced Canadian National Railway to close its Kamloops-to-Vancouver corridor for a second time, the railway reopened its critical line to Canada’s busiest port on Sunday. CN spokesperson Jonathan Abecassis said the corridor was initially closed a second time during the most recent spell of heavy rains in southwestern British […] Read more
CN rerouting trains, aims to re-open line to Vancouver on weekend
Reuters — Canadian National Railway (CN) said Wednesday it was aiming to reopen its track in the crucial Kamloops-to-Vancouver corridor in flood-hit British Columbia this weekend. The Pacific province, trying to rebuild after devastating floods in November, received more rain over the weekend and this week. CN operates one of the two critical rail lines […] Read more
CN to reopen to Vancouver Wednesday
Prince Rupert also available, CN reminds shippers
Canadian National Railway (CN) says it’s almost set to resume some service to Vancouver, starting early Wednesday. Montreal-based CN said in an emailed statement Tuesday that repair work on damaged sections of its track from Kamloops to Vancouver “progressed well over the weekend” and the line will reopen to “limited traffic” tomorrow “barring any unforeseen […] Read more
Repair work on B.C. rail lines expected for days yet
CP expects to resume service 'mid-week;' some highways open only for essential travel
Canada’s big two railways expect repair work to continue into at least next week before service can resume through storm-battered areas of British Columbia to export terminals at Vancouver. Both railways, along with several major B.C. highways, have been shut this week due to damage from flooding and landslides spurred by a major multi-day storm […] Read more
B.C. calls emergency, expects more deaths from 500-year flood
Some livestock die, more are expected to be euthanized
Abbotsford | Reuters — The death toll in Canada from massive floods and landslides that devastated parts of British Columbia is set to rise, with the province declaring a state of emergency on Wednesday. Authorities have so far confirmed one death after torrential rains and mudslides destroyed roads and left several mountain towns isolated. At […] Read more
B.C. rains shut CN, CP mainlines and Highways 1, 7
Repairs already underway, CN says
The effects of rainstorms pelting southern British Columbia’s Interior have reached into the Prairies by effectively cutting off grain traffic to Vancouver. Canadian National Railway said Tuesday that heavy rainfalls in the region have led to mudslides and washouts on its network. Crews are inspecting affected areas and “carrying out repairs which are critical to […] Read more
CN CEO to retire as investor pressure weighs
Shareholder TCI has replacement in mind
Reuters — Canadian National Railway (CN) said on Tuesday its CEO Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the railroad operator’s failed bid for Kansas City Southern. TCI Fund Management, which owns five per cent of Canadian National, in August pitched former Jim Vena — a […] Read more
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