Canadian National Railway Co.'s embattled CEO is retiring in the new year, the railway says as it reported earning $1.685 billion in the third quarter, thanks in part to a US$770-million after-tax break fee it received after walking away from a takeover bid for Kansas City Southern railway.
CN Rail locomotives are moved on tracks past cargo containers sitting on idle train cars at port in Vancouver, on Friday, February 21, 2020. Canadian National Railway Co.'s embattled CEO is retiring in the new year, the railway says as it reported earning $1.685 billion in the third quarter, thanks in part to a $770-million after-tax break fee it received after walking away from a takeover bid for Kansas City Southern railway.
“I have been honuored to lead CN during my time as chief executive officer, and I am confident that the company is well-positioned to continue to thrive following my retirement,” he said in a statement after markets closed. Railway chairman Robert Pace said Ruest deferred his retirement due to the KCS transaction and introduction of its strategic plan.
Excluding one-time items such as the break fee, adjusted earnings increased 9.5 per cent to $1.08 billion or $1.52 per share, up from $985 million or $1.38 per share in the third quarter of 2020.CN was expected to report $1.44 per diluted share in adjusted profits on $3.54 billion of revenues, according to financial data firm Refinitiv.
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