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CN Rail to Name a New CEO Next Month as Vena Drops Out of the Running

Canadian National Railway box cars are pictured in a rail yard just north of Toronto.

Canadian National Railway box cars are pictured in a rail yard just north of Toronto.

Photographer: Norm Betts/Bloomberg

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Canadian National Railway Co. dropped the most in eight months after saying that Jim Vena, a former executive favored by shareholder TCI Fund Management Ltd. to run the company, had dropped from consideration to replace Chief Executive Officer Jean-Jacques Ruest.

Vena, a former Canadian National chief operating officer, told the board over the weekend that he’s no longer interested in becoming CEO, the railroad said in a statement Monday. The company said it expects to announce a new leader next month.