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October 21, 2009 10:30 AM, EDT

CN Reports Lower 3Q Profit; Appoints New CEO

Canadian National Railway Co. said its third-quarter net income dropped to C$461 million or 97 cents per share, from C$552 million or C$1.16 per share a year earlier.

Revenue fell 18.3% to C$1.85 billion, the railroad said in a statement late Tuesday.

CN said that drops in revenue and profit were mainly due to "lower freight volumes stemming from depressed North American and global economies."

The railroad also said Tuesday that it had appointed Claude Mongeau as chief executive officer, effective Jan. 1. Mongeau, currently the executive vice, will succeed E. Hunter Harrison, who will retire.