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 Vena notified the Board that he is no longer interested in pursuing the role and has withdrawn from the process.”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.
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