Long-term shareholders CIFF Capital UK LP and The Children’s Investment Master Fund, acting by their investment manager TCI Fund Management Limited (CIFF Capital UK LP, The Children’s Investment Master Fund and TCI Fund Management Limited, together, “TCI”), today commented on the CEO search process at Canadian National Railway Company and reiterated the urgent need for change on the CN Board of Directors.
The full statement from TCI follows:
“Given the CN Board’s history of failed CEO appointments, it is not a surprise to us that the Board has failed once again to attract the best candidate for the role.
The Board is conflicted, which makes the current selection process flawed and unreliable. A CEO needs to be certain that he or she will have the unwavering support of the Board, and currently that cannot be guaranteed.
If CN shareholders elect the four independent candidates nominated by TCI at the Special Meeting they can be confident the Board will conduct a fair CEO selection process and be able to offer the new CEO stable and durable support.
The need for change on the CN Board has never been more apparent and TCI remains fully committed to bringing much-needed railroad experience to the Board for the benefit of all CN shareholders.
Gil Lamphere, Rob Knight, Allison Landry and Paul Miller also remain committed to standing for election at the Special Meeting and working with the rest of the Board to appoint the best CEO for CN.
The appointment of the new CEO should therefore be delayed until after the Special Meeting so shareholders can vote on who should conduct the vitally important search for a CEO who can initiate an operational transformation which will pave the way for future growth.
The four independent and highly-skilled nominees have vast railroad experience and knowledge, and they share a common and very achievable goal: to create a much-needed culture of operational excellence at CN, which is essential if the Company is to reach its full potential.
A new, high-quality board with extensive railroad experience and expertise will help ensure CN is put on the right track to the benefit of the Canadian and US economies, shippers, employees and shareholders.”
More information on the independent, highly-skilled board candidates can be found at www.CNBackOnTrack.com.
Contacts
Kingsdale Advisors:
Ian Robertson
President, Canada
Direct: 416-867-2333
Cell: 647-621-2646
Email: irobertson@kingsdaleadvisors.com
Hyunjoo Kim
Director, Communications, Marketing & Digital Strategy
Direct: 416-867-2357
Cell: 416-899-6463
Email: hkim@kingsdaleadvisors.com
TCI Media Contacts:
ASC Advisors, New York
Steve Bruce: sbruce@ascadvisors.com
Taylor Ingraham: tingraham@ascadvisors.com
203-992-1230