July 24, 2018 / 12:49 PM / 2 months ago

UPDATE 1-CN Rail names interim chief Ruest as CEO

(Adds background on Ruest)

July 24 (Reuters) - Canadian National Railway Co on Tuesday gave interim Chief Executive Officer Jean-Jacques Ruest the role on a permanent basis.

Sixty-three-year-old Ruest, who has been with the company for more than two decades, was named interim CEO at Canada’s largest railroad after Luc Jobin stepped down abruptly in March.

CN Rail, once considered a benchmark for railway efficiency, has been struggling with capacity constraints that have shrunk its ability to meet strong demand to transport crude-by-rail to U.S. Gulf coast refiners.

However, rail companies are looking to offset some of these challenges through negotiations with major oil and gas companies, who have turned to railways to transport oil as pipelines run in full capacity.

Ruest said he plans to invest in infrastructure, digitalization and employees to build the Canadian National brand.

The company is slated to report its second-quarter results after market close on Tuesday. (Reporting by John Benny and Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)

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