MONTREAL — Canadian National Railway Co. announced a new strategic plan on Friday as it looks to move past its failed bid for a U.S. railway and stave off criticism from an activist investor looking to make leadership changes at the railway. The Montreal-based railway said that as part of the plan it expects in 2022 to reduce capital spending to 17 per cent of revenue, increase operating income by $700 million, and boost efficiency to achieve an operating ratio of 57 per cent for next year. "We feel comfortable with the targets that we have, I'm confident about the team, I'm very energized about doing it," said chief executive Jean-Jacques Ruest on an investor call Friday. "I intend to see this plan through, all the way to the end," he added. His comments come as British-based investor TCI Fund Management Ltd. pushes for changes at the railway that include a proposal to replace Ruest.