Former CN head takes CEO job
CALGARY, Alberta: Canadian Pacific Railway has finally announced the name of the executive taking charge of the company after last month’s shareholder revolt.
Hunter Harrison, who formerly held titles of president and CEO at CN, and president and CEO of Illinois Central Railroad, has been appointed president and CEO of Canadian Pacific.
The top job at the rail company has been vacant since then-president and CEO, Fred Green, resigned in May. Green’s departure, after over thirty years with the company, came with notice that a number of board members (John Cleghorn, Tim Faithfull, Edmond Harris, Michael Phelps and Roger Phillips) would not stand for re-election.
The leadership change occurred after shareholders, led by Bill Ackman and his Pershing Square Capital Management hedge fund won a proxy fight, which was spurred on by Ackman’s belief that the company’s management was not doing enough to make CP profitable. Harrison had always been touted as the preferred CEO choice by Ackman and the new board of directors.
“CP is an incredible franchise with significant market opportunity, solid infrastructure, and innovative and hard-working employees,” said Harrison. “I am proud to be working with one of North America’s iconic companies and I look forward to quickly getting to know the priorities of CP’s customers, shareholders, employees, and the communities served by the railway.”