Claude Mongeau

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Claude Mongeau is a Canadian railroad executive who served as the president and chief executive officer of Canadian National Railway (CNR) from January 1, 2010, to July 1, 2016.[1] He succeeded Hunter Harrison. During his tenure as president of CN, he "tried to improve ... frayed relations with the railway's customers and partners through a series of service agreements."[2]

Born in Montreal, Quebec, Mongeau began his railroad career when he joined CN in 1994. He held the positions of vice-president of strategic and financial planning, and assistant vice-president of corporate development. He was appointed executive vice-president and chief financial officer in October 2000.

Before joining CN, Mongeau was a partner with Groupe Secor, a Montreal-based management consulting firm providing strategic advice to large Canadian corporations such as Bombardier and Bell Canada. He also worked in the business development unit of Imasco Inc., a diversified holding company with subsidiaries operating in the manufacturing, retail, and financial services sectors. His career started in Europe with Bain & Company, a leading American consulting firm.[3]

In 1997, Mongeau was named one of Canada's top 40 executives under 40 years of age by the Financial Post Magazine. In 2005, he was selected Canada's CFO of the Year by an independent committee of prominent Canadian business leaders.[4]

On April 26 2017 CN announced that the training centre would be named after Mongeau.[5]

Canadian National Railway

Claude Mongeau was president and CEO of Canadian National Railway from 2010 to 2016, previously serving as CFO for almost a decade. He rose through the ranks during the years that CN moved from "the worst railroad to the very best," he told shareholders.[6] When he started, he spent several months on the tracks wearing safety gear, working as a "Railroader in Training" to get a look at his tracks and facilities. The company's chairman David McLean said of it, "It gives you some idea of what kind of a guy he is."[6]

In his role, he was credited for implementing a customer-centric based PSR (precision schedule railroading) approach.[7]

Mongeau's appointment to CEO led to the resignation of several top executives.[8] After serving as CEO for four years, in 2014 the company's mainline derailments increased by 73%, described by The Globe and Mail as a "deterioration" of the company's safety record. As a consequence, Mongeau's bonus was capped.[9]

During his overall tenure, operating ratio declined from 63.6% to 55.9%.[9]

He stepped down in 2016 due to throat cancer. Chief Financial Officer Luc Jobin replaced him.[10]

SNC-Lavalin

Mongeau was a member of the board and audit commitee of SNC-Lavalin while he was working full-time as the CEO of Canadian National.[11] While he was on the board at SNC-Lavlin, the company was caught paying bribes to government officials in Libya, amounting to $48 million over a decade.[12]

While on the audit committee, Mongeau helped oversee an investigation into the scandal, leading to the resignation of the CEO and the company being charged with fraud and corruption.[13] During the audit committee investigation, the Financial Post wrote a story critical of full-time CEOs serving on the boards of directors of other companies, calling out Mongeau by name.[11]

Accomplishments

Directorships:

  • Norfolk Southern Corporation (current, a director during East Palestine, OH tragedy)
  • Cenovus Energy
  • Toronto-Dominion Bank
  • Telus Communications (2017-2019)
  • Canadian National Railway Company (2009-2016)
  • Nortel Networks Corporation (2006-2009)
  • SNC-Lavalin Group (2003-2015)
  • Railway Association of Canada
  • The Canadian Council of Chief Executives

Education:

  • McGill University Desautels Faculty of Management
  • Institut Supérieur des affaires (France)
  • University of Quebec in Montreal

Professional experience:

  • Canadian National Railway Company
  • Imasco Ltd
  • Groupe Secor Inc.
  • Bain & Company (Paris)

Awards:

  • Canada's CFO of the Year for 2005
  • Canada's Top 40 under 40

References

  1. ^ "CN Rail CEO Claude Mongeau stepping down due to medical issue". CBC News. June 7, 2016. Retrieved March 31, 2017.
  2. ^ Scott Deveau (December 30, 2011), ‘High probability’ ex-CNR head would take CP helm, Financial Post. Accessed September 20, 2013,
  3. ^ Associated Press (April 29, 2009). "CN Names Replacement For Promoted CFO". The Street. Retrieved September 20, 2013.
  4. ^ "Past Recipients". CFOY. Archived from the original on February 11, 2013.
  5. ^ Vantuono, William C. "CN training center named after Mongeau". Retrieved May 3, 2017.
  6. ^ a b "CN's new CEO 'not just a numbers guy'". The Globe and Mail. 2009-04-21. Retrieved 2024-07-15.
  7. ^ "Norfolk Southern names Claude Mongeau chair of the board of directors". Norfolk Southern Newsroom. Retrieved 2024-07-15.
  8. ^ Deveau, Scott (2013-02-04). "Rivals CP Rail and CN Rail forge executive poaching accord". Financial Post. Retrieved 2024-07-15.
  9. ^ a b "CN caps CEO's bonus because of rise in train derailments, injuries". The Globe and Mail. 2015-03-25. Retrieved 2024-07-15.
  10. ^ "CN Rail chief executive Claude Mongeau resigns". Reuters. 2016-07-07. Retrieved 2024-07-15.
  11. ^ a b Critchley, Barry (2012-03-02). "CN's Mongeau on SNC committee highlights outside directorship issue". Financial Post. Retrieved 2024-07-15.
  12. ^ Seglins, Dave; Houlihan, Rachel; Montpetit, Jonathan (2019-04-15). "What the SNC board may have known about the firm's dealings in Libya — like the office safe with $10M cash". CBC. Retrieved 2024-07-15.
  13. ^ "SNC-Lavalin reports on results of voluntary independent review". www.newswire.ca. Retrieved 2024-07-15.
Preceded by President & CEO of Canadian National Railway
2010 – July 1, 2016 		Succeeded by
Luc Jobin
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