Canadian National has sharpened its criticism of the investor pressuring it to make changes to its operations and replace its CEO following its failed attempt to acquire the Kansas City Southern railroad.
FILE - In this Nov. 27, 2020 file photo, a Canadian National rail worker stands on an idle locomotive as protesters opposed to the Trans Mountain pipeline expansion block rail lines in Burnaby, British Columbia. After walking away from its effort to buy Kansas City Southern railroad earlier this month, Canadian National continues to face investor pressure to make changes in its operation.
At the meeting, shareholders will vote on the investment fund's plan to nominate four new directors at Canadian National who would then help choose a new CEO for the railroad. TCI has been critical of CN's failed efforts to acquire Kansas City Southern and it argues that Canadian National isn't doing enough to improve its own operations.
Canadian National urged investors to back its own strategic plan that it unveiled last month. The plan calls for cutting $550 million in costs, reinstating stock repurchases and delivering 20% growth in earnings per share in 2022.
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