CN’s recently departed CEO paid $12.3M in 2017

MONTREAL — Canadian National Railway’s former chief executive received $12.3 million in compensation last year, before he left the company as it struggles through operational and customer service challenges, the Montreal-based railway said in a regulatory filing.

Luc Jobin’s total compensation was up from $8.3 million in 2016, when he assumed the top job halfway through the year. He was chief financial officer for the first six months.

His total compensation was slightly lower than the Royal Bank’s Dave McKay, at $12.4 million, the best compensated of Canada’s top five bank CEOs in 2017. But he was far behind Keith Creel, who was paid $20.1 million, including $10.5 million in stock options last year to head Canadian Pacific Railway Ltd.

Jobin last year got $1.4 million in salary, $5.15 million in sharebased awards, $2.7 million in option-based awards and $2.6 million in annual bonus. The remaining money came from pension values and other compensation.

On March 5, CN Rail’s board of directors announced Jobin’s departure and the appointment of Jean-Jacques Ruest, a 22-year veteran of the company, as interim president and CEO. Ruest will also remain chief marketing officer while the board conducts a search for a full-time CEO.

In the filing ahead of its April 24 annual meeting in Toronto, CN Rail said the company was in the process of finalizing arrangements relating to Jobin’s departure “in the context of applicable legal requirements and the company’s plans.”

Jobin received $4.8 million in compensation in 2015, including an extra $830,000 paid in February 2016 because of extra duties he assumed during former CEO Claude Mongeau’s medical leave of absence.