������ý

Overwhelmed by a surge in freight, Canadian National Railway Co. said its CEO is stepping down after less than two years, vowing to replace Luc Jobin with a leader who can deliver “speed and determination.”

Canadian National Railway reported earnings more than doubled in the fourth quarter, although the final figures were bolstered by the Tax Cuts and Jobs Act.

The Canadian government is lifting ownership restrictions for Canadian National Railway Co. and major airlines such as Air Canada, among a series of steps to expand competition in the country’s transport sector.

Canadian National Railway Co. is running into challenges in maintaining its status as North America’s most efficient railroad.

Canadian National Railway posted a strong fourth quarter as earnings rose 8.2% year-over-year and beat analyst estimates during the period.

Canadian National Railway Co. CEO Claude Mongeau is stepping down after 22 years at the carrier, saying throat surgery last year has left him unable to continue in the job.

Canada’s biggest railroad reported a operating ratio of 53.8% for the quarter, and the gauge — which compares expenses with sales — may remain below 60% through 2016, Chief Financial Officer Luc Jobin said Oct. 27.

Unifor, a labor union that represents about 4,800 workers at Canadian National Railway, said it will begin strike votes next week after five months of talks failed to produce an agreement.

Canada extended an order that requires the country’s two largest railways to ship a minimum amount of grain each week until March 28.