CN
board selects Claude Mongeau to succeed E. Hunter Harrison
as
president and chief executive officer effective Jan. 1, 2010
CALGARY, April 21, 2009 — David G. A. McLean, chairman
of the board of directors of CN (TSX: CNR)(NYSE:
CNI), announced today the board’s selection of Claude Mongeau to succeed E.
Hunter Harrison as president and chief executive officer of the company at the
end of 2009.
Mongeau, 47,
currently CN’s executive vice-president and chief financial officer, has held
successively senior positions since joining the company in
1994.
McLean said: “CN’s
board of directors is delighted to announce the selection of Claude Mongeau. The
board thoroughly reviewed the company’s future strategic priorities and the
skills and attributes required of our new CEO. We are confident that Claude is
the best candidate to build on the successes achieved to date.
“Claude is an
exceptional executive and leader. He is one of the architects of CN’s
industry-leading financial performance and the key strategist behind the highly
successful rail acquisitions that have grown CN’s reach throughout North America
and made it a key industry player. He has a keen appreciation of the power of
CN’s unique business model – Precision Railroading – and will be supported by an
outstanding team of railroaders.”
Mongeau said: “I
deeply appreciate the board’s confidence and I look forward to leading CN. I am
excited about the company’s future and firmly believe market trends strongly
favour the growth of rail transportation. CN is superbly positioned for the
future, thanks to the work of Hunter Harrison and our executive team, and I am
committed to fulfilling that potential by continuing to drive innovation,
greater efficiency and better service for our customers.”
Harrison, 64,
became CN’s president and chief executive on Jan. 1, 2003. Prior to that he
served as CN’s executive vice-president and chief operating officer. Harrison
has received numerous accolades, including Railroader of the Year by Railway Age magazine and
Canada’s CEO of the Year by Report on Business
magazine.
McLean said:
“Hunter is a seminal figure in the railroad business, with his ground- breaking
Precision Railroading operating model that’s driven significant efficiency gains
and shareholder value at CN. He has provided outstanding leadership and service
at CN, leading to the creation of a great North American railroad and grooming
an excellent
Harrison said:
“Claude is a key member of my management team at CN, and I have the greatest
confidence in his abilities. I’ve worked very closely with him on every aspect
of the business. Over the next few months Claude and I will work very closely
together to ensure a seamless transition at year-end.”
As
executive vice-president and chief financial officer, Mongeau has led CN's
strategic planning process and is responsible for the overall financial
management of CN, as well as the information technology
function.
In
1997, the Financial Post Magazine named Mongeau one of Canada’s top 40
executives under 40 years of age. In 2005, he was selected Canada's CFO of the
Year by an independent committee of prominent Canadian business
leaders.
Forward-Looking
Statements
This news release
contains forward-looking statements. CN cautions that, by their nature, forward
-looking statements involve risk, uncertainties and assumptions. Implicit in
these statements, particularly in respect of long-term growth opportunities, is
the Company’s assumption that such growth opportunities are less affected by the
current situation in the North American and global economies. The Company
cautions that its assumptions may not materialize and that the current economic
conditions render such assumptions, reasonable at the time they were made,
subject to greater uncertainty. The Company cautions that its results could
differ materially from those expressed or implied in such forward -looking
statements. Important factors that could cause such differences include, but a
re not limited to, the effects of adverse general economic and business
conditions, including the current deep recession in the North American economy
and the possibility of a global economic contraction in 2009, industry
competition, inflation, currency fluctuations, changes in fuel prices,
legislative and/or regulatory developments, compliance with environmental laws
and regulations, various events which could disrupt operations, including
natural events such as severe weather, droughts, floods and earthquakes, labor
disruptions, environmental claims, investigations or proceedings, other types of
claims and litigation, and other risks detailed from time to time in reports
filed by CN with securities regulators in Canada and the United States.
Reference should be made to “Management’s Discussion and Analysis” in CN’s
annual and interim reports, Annual Information Form and Form 40-F filed with
Canadian and U.S. securities regulators, available on CN’s website, for a
summary of major risks.
CN
– Canadian National Railway Company and its operating railway subsidiaries –
spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf
of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of
Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay,
Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all
points in North America. For more information on CN, visit the company’s website
at www.cn.ca
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669-3384
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399-0052
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