I have always been intrigued by Harry Bruce. Fred Frailey recently wrote of Bruce in his blog and that prompted me to go to the library and request Bruce’s autobiography on his railroad career. The local library couldn’t find it on the Inter Library Loan system (it was independently published), but they were able to secure a copy of “When Pigs Fly”, the story of the privatization of the CN back in 1992-95.
This is the story of Paul Tellier, a former government official, Paul Young, the Canadian Minister of Transport, and Michael Sabia, another former government official who became CFO of CN.
Tellier and Sabia provided leadership and the ability to fight thru Canadian tradition to turn this Crown Corporation into one of the most stunning IPOs in Canadian history. Young, while at odds with Tellier at times was relentless in working the political arena and making it happen.
This slim (162 pages) book is easy to read and provides a look at how this railroad evolved from a bloated railroad serving mainly political interests into the most efficient North American railroad. The book only covers until 1996…at which point the Operating Ratio is down to 80%.
I would love to read the complete story including the integration of Illinois Central, Wisconsin Central, and EJE along with Hunter Harrison’s shaping of the railroad, but until that book is written, one must be satisfied with Mr. Bruce’s excellent book.
I bought the book in 1998 or 1999. and it led me to purchase a few hundred shares of CN stock, which with I’ve been quite happy. I’ve referenced it a couple times here over the past few years.
This book - actual title is “The Pig That Flew: The Battle to Privatize Canadian National”* - is mostly about the organizational, political, and financial aspects, not much about the operational changes other than the removal of some of the ‘deadwood’ from the upper management ranks. There’s quite a bit about the Goldman Sachs sponsorship of the IPO and the "road show’ tour that led up to the stock’s debut - it’s a good inside look at the process.
One aspect that I personally found intriguing was the career change and management growth of Paul Tellier - a government lawyer working as a high-level Canadian bureaucrat, with no railroad knowledge or experience whatsoever - into the CEO of a railroad in deep trouble, and the assignment to get it out. Nevertheless, Mr. Tellier’s government career seemed to have prepared him well for this assignment, together with his native intelligence and drive (he usually spent Sunday afternoons going through a 3-ring binder of materials to prepared for the upcoming week).
I bought the book in 1998 or 1999. and it led me to purchase a few hundred shares of CN stock, which with I’ve been quite happy. I’ve referenced it a couple times here over the past few years.
This book - actual title is “The Pig That Flew: The Battle to Privatize Canadian National”* - is mostly about the organizational, political, and financial aspects, not much about the operational changes other than the removal of some of the ‘deadwood’ from the upper management ranks. There’s quite a bit about the Goldman Sachs sponsorship of the IPO and the "road show’ tour that led up to the stock’s debut - it’s a good inside look at the process.
One aspect that I personally found intriguing was the career change and management growth of Paul Tellier - a government lawyer working as a high-level Canadian bureaucrat, with no railroad knowledge or experience whatsoever - into the CEO of a railroad in deep trouble, and the assignment to get it out. Nevertheless, Mr. Tellier’s government career seemed to have prepared him well for this assignment, together with his native intelligence and drive (he usually spent Sunday afternoons going through a 3-ring binder of materials to prepared for the upcoming week).
If you held your CN shares…you must be extremely happy. I had Illinois Central shares which were converted to CN shares in 1998…what a great return on investment.
It would be an interesting book about the modern history of the CN from privatization on. The steps taken have been stunning and have transformed CN into a major railroad. The purchases of IC and WC, plus the management style of EHH alone are worth reading this type of book.