The President and CEO of Canadian National Railway (CNI) (TSE:CNR), Jean-Jacques (JJ) Ruest, will retire by the end of January 2022 or a little later after a successor is appointed. He will also step down from the Board.
Ruest has been the CEO of CNI since 2018. (See Insiders’ Hot Stocks on TipRanks)
Headquartered in Quebec, the company offers rail, intermodal, trucking, supply chain, business development, and maps and network services in Canada and the Midwestern and Southern U.S.
The Chairperson of CNI’s Board of Directors, Robert Pace, said, “JJ deferred discussions on his retirement plans in order to see the company through the potential merger with KCS and closing of the transaction, and the introduction of the strategic plan announced on September 17, 2021, which is beginning to demonstrate results.”
Meanwhile, the Board has appointed a Search Committee, comprising four Board members, to conduct a global search for a CEO and make recommendations to the full Board.
On October 18, TD Securities analyst Cherilyn Radbourne maintained a Buy rating on the stock with a price target of $141.7 (14% upside potential).
The analyst expects the company to report earnings of $1.46 per share in the fourth quarter.
Overall, the stock has a Moderate Buy consensus rating based on 7 Buys and 12 Holds. The average Canadian National Railway price target of $127.07 implies 2.2% upside potential. Shares have gained 13.4% year-to-date.
According to TipRanks’ Smart Score rating system, CNI scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.