TCI Fund Management

Vena out of the running as next CN CEO

A photograph of a CN train traveling away from a high mountain range.

Former CN and Union Pacific executive Jim Vena has taken himself out of running to be the next CEO for Canadian railway CN.

Vena had been meeting with CN’s CEO search committee, but he took himself out of the process over the weekend, CN (NYSE: CNI) said in a Monday release.

Vena was the candidate put forth by TCI Fund Management, a U.K.-based activist investor that also proposed four potential CN board candidates. 

TCI had sought to replace CN’s leadership following the failed attempt to acquire...

https://www.freightwaves.com/news/vena-out-of-the-running-as-next-cn-ceo

CN CEO: Railway ‘not on the clock’ for choosing successor

A photograph of a CN train traveling away from a high mountain range.

Canadian railway CN will not give a specific time frame for when it will elect a new CEO, and the board of directors will open the search to candidates beyond one recently recommended by activist investor TCI Fund Management, according to outgoing CN President and CEO JJ Ruest. He announced his retirement late Tuesday.

“The board is looking for the best of the best … and so they’re not on the clock,” Ruest said late Tuesday afternoon on a call with transportation analysts to discuss CN’s (NYSE:...

https://www.freightwaves.com/news/cn-ceo-railway-not-on-the-clock-for-choosing-successor

CN leadership has to go, activist investor insists

A photograph of a CN train hauling metals equipment.

Activist investor TCI Fund Management is courting shareholders of Canadian railway CN with a plan that TCI says would refocus the railway to achieve operational excellence while touting the environmental benefits of using railroads over trucks.

That plan, unveiled Monday, continues to advocate replacing CN CEO JJ Ruest with former CN (NYSE: CNI) and Union Pacific (NYSE: UNP) executive Jim Vena, as well as replacing four board members with industry veterans — Gilbert Lamphere, Allison Landry, Rob...

https://www.freightwaves.com/news/cn-leadership-has-to-go-activist-investor-insists

CN, shareholder publicly scuffle over railway’s leadership and direction

A photograph of a train crossing a bridge. There is mountain range behind the train, and the bridge is in the middle of a forest.

Over the next six months, freight rail observers may bear witness to a public relations battle between Canadian railway CN and activist London-based investor TCI Fund Management over CN’s leadership and direction.

Both are seeking to win the hearts of CN shareholders, who will have a meeting on March 22, per TCI’s request. TCI wants shareholders to consider replacing four CN board members with four of its own candidates, as well as replace CN President and CEO JJ Ruest with its pick, Jim Vena, a...

https://www.freightwaves.com/news/cn-shareholder-publicly-scuffle-over-railways-leadership-and-direction

TCI pushes to add industry veterans to CN board, remove CEO

A photograph of a train. There is a mountain behind the train.

An activist shareholder is pushing forward with plans to propose the removal of CN President and CEO JJ Ruest and add four industry veterans to the board following the railroad’s likely failed attempt to acquire Kansas City Southern.

Founder and managing partner Chris Hohn of London-based TCI Fund Management, which owns 5.2% of CN (NYSE: CNI), claims CN has been “underperforming” in recent quarters, as witnessed by a climbing operating ratio compared with other Class I railroads, and that its...

https://www.freightwaves.com/news/tci-pushes-to-add-industry-veterans-to-cn-board-remove-ceo

TCI Fund Management seeks climate action from CP and CN

TCI Chris Hohn seeks climate action from CN and CP.

CN (NYSE: CNI) and Canadian Pacific (NYSE: CP) shareholder TCI Fund Management Ltd, has asked both railways to lay out climate action plans at their annual general meetings in 2021. 

TCI has a 2.93% stake in CN and is CP’s largest shareholder with an 8.31% stake.

TCI has an extensive environmental, social and governance (ESG) investment policy regarding climate change. In the proposal sent last week, Christopher Hohn, TCI founder and portfolio manager, asked that the railways establish climate...

https://s29755.pcdn.co/news/tci-fund-management-seeks-climate-action-from-cp-and-cn