Friday, October 31st9.7°C
21625
23004

CP Rail CEO Hunter Harrison agrees to one-year contract extension to 2017

CALGARY - Canadian Pacific Railway Ltd. (TSX:CP) said Wednesday that chief executive Hunter Harrison has agreed to a one-year contract extension that will keep him at the railway until 2017.

He was hired as CEO in 2012 after a bitter proxy fight led by activist investor Bill Ackman's hedge fund, Pershing Square Capital Management.

Ackman picked the former chief executive at Canadian National Railway to turn around Canadian Pacific, which had been under performing.

"When Hunter was brought in to lead the transformational change of this iconic company, the agreement was for four years, plus an option for an additional year," CP Rail chairman Gary Colter said in a statement.

"In seeing CP's rapid turnaround under Hunter's leadership, the board was unanimous in wanting him to stay on until 2017 and we are extremely pleased he has accepted."

CP Rail shares have more than doubled since Harrison was officially hired in June 2012.

Since joining the railway, the 69-year-old Harrison has made wide-ranging changes at CP Rail, which has seen improved financial results.

However, Harrison said there is still work to be done.

"Even though CP has experienced phenomenal success in a short period of time, there remains a lot to accomplish over the next three years to grow this company even further with our customers and shareholders," he said.

Harrison hired former CN executive Keith Creel last year to be his second-in-command as president and chief operating officer.

Creel has been seen as Harrison's likely successor when he retires.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14587.28+128.59
S&P CDNX764.98-6.67
DJIA17355.50160.08
Nasdaq4623.854+57.715
S&P 5002013.09+18.44
CDN Dollar0.8868-0.0067
Gold1170.10-28.50
Oil80.02-0.88
Lumber325.10+1.50
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.12+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.19+0.04
Cantex0.045-0.015
Anavex Life Sciences0.18+0.0089
Metalex Ventures0.03-0.005
Russel Metals32.72+0.50
Copper Mountain Mining2.035+0.065
Colorado Resources0.125-0.015
ReliaBrand Inc0.014+0.002
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 





FEATURED Property
21018381145 Felix Road
3 bedrooms 2 baths
$394,495
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22771