The
"I am not going anywhere and I will deliver with the team here today around me on the fourth-quarter results and to be sure that we have a successful setup to the 2022 business plan," he told analysts in a conference call after markets closed.
Railway chairman
TCI has proposed former CN chief operating officer
"We know there is some candidate out there, at least one, but I think the world is bigger than that. And before the board makes a decision, we want to be very, very thorough."
CN said it earned
Excluding one-time items such as the break fee, adjusted earnings increased 9.5 per cent to
Revenues increased 5.3 per cent to
CN was expected to report
CN said its operating ratio, a key measure of railroad efficiency where a smaller number is better, increased 2.8 points to 62.7 per cent due to the impact of fires in
The railway is "making progress on executing our strategic plan," Ruest said. "This includes delivering immediate shareholder value while maintaining our long-term commitment to safety, customer service and sustainable value creation."
CN said it has already achieved 75 per cent of the promised jobs cuts of more than 1,000. Nearly 600 are management workers and 190 unionize with most taking place in
The railway expects all parts of its business will grow in 2022 except for grain as it anticipates a 10 per cent increase in adjusted earnings per share in 2021 above
The results came a day after TCI made its case for replacing four directors and Ruest in a bid to improve the railway's financial performance. A special shareholder meeting is set for
TCI is unhappy with CN's bid to acquire KCS, saying it is among some questionable decisions made by the railway. It launched its efforts in response to CN's
CN netted the break fee when KCS determined CP's bid was superior after the
Ruest rejected suggestions that his departure moves the railway closer to what TCI has been demanding.
"I think it's maybe the other way around, it's maybe TCI is getting closer to what CN's long-term strategy is," he said.
Ruest said CN's strategy is to position the company for the future and is looking for a leader focused on growth and having a diverse workforce.
Referring to an adage by hockey great
"When you look for a CEO in early 2022, you want to have somebody who can actually get the company the way it needs to be in 2025."
In a news release, TCI founder and portfolio manager
"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," he said.
"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."
Analyst
He said CN management has two quarters before the March shareholder meeting to show progress toward its financial targets.
The often bitter proxy battle has seen each side accuse the other of making inaccurate and misleading statements.
TCI has denied CN's claim that it is in a conflict of interest by being the largest shareholder of rival
This report by
Companies in this story: (TSX:CNR, TSX:CP)
Note to readers: This is a corrected story. An earlier version included an incorrect break fee figure.
© 2021 The Canadian Press. All rights reserved., source