Canadian National Railway Co. said on Monday the industry veteran that an activist hedge fund has been pushing to be the company’s next chief executive is out of the running.

In an update on its hunt for a new chief executive, CN said a special committee of its directors conducted “multiple rounds of interviews” with Jim Vena. However, the rail company said he pulled out of the process on Sunday.

Vena is a central figure in the proxy fight being led by TCI, which is CN’s second-largest shareholder. The fund had said it wanted to install Vena as chief executive after a vote on four proposed changes to CN’s board of directors at a special meeting of shareholders on March 22.

A spokesperson for TCI was not immediately available for comment. The fund previously said Vena was available to lead CN and touted his decades of experience in the industry, including time spent as CN’s chief operating officer from 2013 to 2016.

“This morning’s announcement comes as a surprise to us considering that Mr. Vena was, in our view, the leading candidate for the role,” wrote Desjardins Analyst Benoit Poirier in a report to clients.

“This new development brings some uncertainty with respect to the future CEO and their operational track record. We would welcome the appointment of an experienced railroad operator with similar credentials to Mr. Vena’s.”

CN has been hunting for a new chief executive since Jean-Jacques Ruest announced in October he was planning to step down in the new year.

In its update on Monday, CN said its special committee of directors is continuing to interview other candidates and expects to announce Ruest’s successor in January.