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Activist Investor TCI Prods CN Rail to Move ‘Urgently’ to Upgrade Service

  • Board should hold Ruest accountable for performance, fund says
  • Shareholders to vote on competing visions at March 22
A Canadian National locomotive pulls a train in Montreal.

A Canadian National locomotive pulls a train in Montreal.

Photographer: Christinne Muschi/Bloomberg
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The activist investor pushing for change at Canadian National Railway Co. has outlined its plan to improve returns at Canada’s largest railway with a greater focus on efficiency under a new chief executive officer. 

TCI Fund Management Ltd., which is run by billionaire Chris Hohn, spelled out in a presentation Monday how it believes Canadian National can improve its operations and culture and reduce costs. TCI argues in the 102-page document that it’s imperative for CN to make changes now after its smaller rival, Canadian Pacific Railway Ltd., agreed to acquire Kansas City Southern.