(CN issued the following news release on April 22.)
MONTREAL — David G. A. McLean, chairman of the board of directors of CN, announced that the company and E. Hunter Harrison, president and chief executive officer, have agreed on the extension of Harrison’s employment contract through the end of 2008.
McLean said: “CN’s directors are very pleased with Hunter Harrison’s agreement to remain the leader of the company for the next five years. Hunter is an outstanding chief executive officer. Thanks to him, CN is the rail industry’s service and efficiency leader, and it continues to outpace the industry in financial performance and sustained growth in shareholder value.”
Harrison said: “I’m delighted to renew my commitment to CN. This company’s railroaders are the best in class, and it’s a true pleasure to lead them. I believe CN’s prospects are almost limitless, and I look forward to the next five years as the company’s chief executive officer. Together I know our disciplined team – a team truly focused on execution – will keep CN at the forefront of rail industry performance.”
Harrison became president and chief executive officer of CN on Jan. 1, 2003. He joined CN as executive vice-president and chief operating officer in March 1998, and served in that position until December 2002. He has been a director of CN since December 1999.
Before coming to CN, Harrison was a director and president and chief executive officer of the Illinois Central Corporation (IC) and Illinois Central Railroad Company from 1993 to 1998. CN entered an agreement to purchase IC in February 1998 and took control of the railroad in July 1999.