CN Rail CEO abruptly steps down amid delivery crunch
Canadian National Railway Co announced today that Chief Executive Officer Luc Jobin would step down immediately
The move comes as the railroad struggles to cope with a surge in demand and a harsh winter, according to Reuters, which has affected its ability to deliver freight on time.
Last month, customer Halliburton Co blamed CN Rail for frac sand delays.
Canada’s largest railroad has appointed Chief Marketing Officer Jean-Jacques Ruest as interim CEO.
The company’s shares have risen 27 per cent since Jobin’s appointment as CEO in July of 2016. However, the stock has lost more than 6 per cent of its value this year.