Central Maine & Quebec Railway (CMQ) officials announced yesterday that John Giles will transition from president and chief executive officer to executive chairman on Jan. 1, and that Chief Operating Officer Ryan Ratledge will succeed Giles as president and CEO.
Giles will continue to lead initiatives that support the railroad’s growth and investment strategies, including long-term planning, market positioning and acquisitions, according to a CMQ press release.
Since 2014, Giles has led the CMQ’s transformation into a new railroad from the former Montreal, Maine & Atlantic Railway, which fell into bankruptcy following the derailment in Lac-Megantic, Quebec, in July 2013.
Railroad Acquisition Holdings LLC, a subsidiary of Fortress Investment Group LLC, acquired the former railroad’s assets in 2014.
A 22-year railroad veteran, Ratledge has been with CMQ since 2014. He and his team have focused on retaining and developing existing and new business. He began his career at BNSF Railway Co. and later joined RailAmerica, where he held a number of positions, including general manager of the Puget Sound and Pacific Railroad; GM of the Indiana and Ohio Railway; and vice president – Midwest Region.
“The promotion of Ryan as my successor is a natural progression and is well-deserved,” said Giles. “He is a highly capable leader with a wealth of rail industry experience and will continue to propel the organization forward.”
Ratledge said he is honored to continue what Giles began at CMQ and is encouraged by CMQ’s business momentum and future prospects.