WOMEN IN RAIL 2021
RAILWAY AGE, NOVEMBER 2021 ISSUE: Railway Age’s Women in Rail awards recognize leaders for driving their businesses forward while making a difference in the industry and in their communities.
RAILWAY AGE, NOVEMBER 2021 ISSUE: Railway Age’s Women in Rail awards recognize leaders for driving their businesses forward while making a difference in the industry and in their communities.
CN and Progress Rail, a Caterpillar Company, are partnering with Renewable Energy Group (REG) “to test high-level renewable fuel blends including both biodiesel and renewable diesel in support of the companies’ sustainability goals.”
CN is buying a Wabtec FLXdrive battery-electric locomotive for use on the Bessemer & Lake Erie (B&LE) portion of its network in Pennsylvania.
Pennsylvania Gov. Tom Wolf on Nov. 1 awarded $8.7 million to three Marine and Rail Freight Movers Grant Program projects that will replace older diesel-powered switchers with “green” power.
CN—dealing with activist investor TCI , its four Board of Director candidates and proposed new CEO—has appointed Jo-ann dePass Olsovsky to serve on the Board, effective immediately.
CN on Oct. 19 followed former merger partner Kansas City Southern (KCS) in reporting financial results for third-quarter 2021, posting C$3.591 billion in revenues—up 5% over the prior-year period; at the same time, CN announced President and CEO JJ Ruest’s planned retirement.
The Transportation Safety Board of Canada (TSB) reports that its investigation following the June 30, 2021 fire that destroyed the town of Lytton, B.C “has not revealed any evidence to link railway operations to the fire. Unless new information establishes that a TSB reportable event occurred, no further work will be performed and no TSB investigation report will be produced.” The wildfire remains under investigation by BCWS (British Columbia Wildfire Service) and the RCMP (Royal Canadian Mounted Police).
Kansas City Southern (KCS) on Oct. 13 reported that Sameh Fahmy, Executive Vice President Precision Scheduled Railroading (PSR), will leave the company by year-end.
The battle for boardroom and C-suite control between CN and TCI Fund Management Ltd. continues to escalate. On Oct. 6, TCI responded to CN’s Oct. 4 press release with one of its own. In a largely repetitive 2,100-word tome, TCI (which consists of CIFF Capital UK LP, The Children’s Investment Master Fund and TCI Fund Management Limited) said it “reiterates the need for Board and CEO change at CN; emphasizes the qualifications of four independent, highly-skilled Director candidates; and sets the record straight on inaccurate claims from CN’s Board.”
CN on Oct. 4 announced that has scheduled a Special Meeting of Shareholders “in response to a requisition by CIFF Capital and TCI Fund Management Ltd. (collectively, TCI)” for 9:00 a.m. Eastern Time on Tuesday, March 22, 2022. TCI and CN “have mutually agreed to the date of the Special Meeting,” CN noted, adding that “the proxy contest initiated by TCI is misguided, costly and not in the best interest of CN’s shareholders or its other stakeholders.”