The Associated Press

Canadian National Railway Co. named a Power Corp. of Canada executive as its new chief financial officer on Wednesday, replacing the man who was recently tapped to become the next chief executive.

Montreal-based Canadian National said Luc Jobin, 50, will become CFO and executive vice president effective June 1.

Jobin was executive vice president of Power Corp. of Canada ¿ a diversified international management and holding company ¿ where he oversaw the holding company's investment portfolio. He spent 22 years at Imasco Ltd. and its Canadian subsidiary, Imperial Tobacco Canada Ltd., leaving as CEO of the subsidiary.

At the railway company, Jobin succeeds Claude Mongeau, who was recently named to become president and CEO next Jan. 1. Canadian National said Mongeau will spend the rest of this year learning more about the railroad company's network and operations.

Shares of CN rose $1.05, or 2.7 percent, to $40.54 in midday trading.

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