MONTREAL — Jim Vena, the former Canadian National chief operating officer who was touted as the railway’s next CEO, told CN Sunday night that he was no longer interested in the job.
“The Search Committee conducted multiple rounds of interviews with former CN employee Jim Vena and the Board engaged in appropriate due diligence with respect to Mr. Vena’s candidacy, as it has with all other candidates,” CN said in a statement on Monday morning. “Last evening, Mr. Vena notified the Board that he is no longer interested in pursuing the role and has withdrawn from the process.”
Activist investor TCI Fund Management had sought to have Vena replace CN CEO JJ Ruest as part of a broader management shakeup at the railway. In October, Ruest announced he would retire in January, and CN said it was launching a search for a new chief executive.
Ruest’s announcement came a day after TCI released its plan promoting Vena as its chief executive candidate as part of a broader call for change at the railroad. TCI has been critical of what it sees as CN’s lagging financial and operational performance and had sought the ouster of Ruest and Board Chairman Robert Pace. TCI also announced a slate of four board candidates and called for a special meeting of CN shareholders.
The shareholder meeting is scheduled for March 22.
“CN’s Board remains committed to finding the right leader to continue our ambitions to build the premier railway for the 21st century and deliver immediate and long-term value to all shareholders, while retaining our commitment to safety, customer service and the communities we serve,” the railway said in a statement.
TCI, which is CN’s second-largest shareholder, did not immediately respond to an email seeking comment on how Vena’s withdrawal would affect its campaign.
Vena served as CN’s chief operating officer from February 2013 to July 2016. He joined CN in 1977 as a brakeman, rose through the ranks in operations and marketing and, under former CN CEO Harrison, led all three of CN’s operating regions.
Union Pacific hired Vena as its chief operating officer in January 2019, three months after it adopted a Precision Scheduled Railroading operating model. Vena stepped down in January 2021.
Maybe he had another offer. Vena goes to CP as Creel’s protege for a year, and Creel goes to CSX when Foote retires. With the merger of KCS and CP, Creel would have fulfilled his mission at CP, but CP would nevertheless need an operationally strong CEO to make the two railroads work well together… a perfect fit for Vena given that he’s familiar with Canadian railroading and from the West himself. Creel, would also be a natural fit for CSX when Foote retires.. Just speculation of course! Vena might also be interested in leading CSX..
get a grip or wake up from your dream world
Get a grip yourself internet Rambo.. no need to be an asshat.
Or an illness not that that stopped EHH
To be the CEO is one thing, being some ones puppet (TCI’s) is another. Very smart man, he knows better than to get involved in that mess!
A guy that openly lobbied for a Class 1 CEO job (any Class 1 would do) as he left UP and then just removes himself from the process as it nears the finish line probably had something discovered that he could not explain away.
Maybe he had a conscience? Or just an aversion to be a sock puppet for A handful of coke-snorting Wall St. yuppies.
Whatever it was, good on him.
Maybe he had another offer.
The shareholder attempt to micromanage CN’s operations “soap opera” continues!