Canadian National Railway CEO Claude Mongeau steps down for medical reasons, CFO Luc Jobin takes helm

Canadian National Railway Co. CEO Claude Mongeau will step down at the end of June, five months after returning from a medical leave, and will be replaced by the company’s chief financial officer.

Mongeau, 54, had his larynx removed last fall and replaced with a prosthesis due to a rare type of non-cancerous tumour. He returned to work in late January.

“I was filled with joy returning at the helm earlier this year, but I gradually came to realize that it is difficult to fulfill such a demanding role given my new condition as a laryngectomee,” Mongeau said in a statement Tuesday.

“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 has been at CN for 22 years, with 11 of those spent as chief financial officer. He replaced Hunter Harrison, who now leads rival Canadian Pacific Railway Ltd., as chief executive in 2010.

Harrison plans to retire from CP in mid-2017.

Jobin, 57, will take over as CN’s chief executive on July 1. He joined the railway in 2009 after holding senior executive roles at Imasco, Imperial Tobacco, British American Tobacco and Power Corp., and filled in for Mongeau while he was on medical leave last year.

“Although Claude will remain available to help with the transition, we will miss him and his sound leadership dearly,” CN chairman Robert Pace said.

“His bold innovation agenda, centered on true supply-chain collaboration and solid customer service, has set CN on a path of sustainable value creation for many years to come and we warmly thank him for that contribution on behalf of all our stakeholders.”

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Read the original at News – Financial Post.