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An activist shareholder is pushing forward with plans to propose the removal of CN President and CEO JJ Ruest and add four industry veterans to the board following the railroad’s likely failed attempt to acquire Kansas City Southern. Founder and managing partner Chris Hohn of London-based TCI Fund Management, which owns 5.2% of CN (NYSE: CNI), claims CN has been “underperforming” in recent quarters, as witnessed by a climbing operating ratio compared with other Class I railroads, and that its recent attempt to acquire KCS (NYSE: KSU) demonstrated “misguided” priorities, according to a filing to the U.S. Securities and Exchange Commission.
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