Fred Green, President and
Chief Executive Officer, departing after 34 years of
service
Six directors declare intention not to stand for
re-election
CALGARY, May 17, 2012 /PRNewswire/
- Canadian Pacific Railway (TSX: CP) (NYSE: CP) announced today the
departure of Fred Green as President
and Chief Executive Officer effective immediately. Mr. Green leaves
the Company following 34 years of dedicated service. In
addition, Mr. Green has resigned as a director and will not stand
for re-election at the Company's shareholder meeting later this
morning.
"The Board wishes to thank Fred for his dedicated years of
service," said John Cleghorn,
Chairman of the Board.
The Company also announced that John
Cleghorn, Tim Faithfull,
Edmond Harris, Michael Phelps and Roger
Phillips have advised the Company that they do not intend to
stand for re-election. This decision was made after taking into
account the views expressed by shareholders about the desire for
Board change.
Once Pershing Square nominates all seven of its director
nominees, there will be only sixteen candidates for the sixteen
available positions on the Board. Accordingly, it is expected
that the Board will be comprised of the following individuals
immediately following the annual meeting: William Ackman, Gary
Colter, Richard George,
Paul Haggis, Paul Hilal,
Krystyna Hoeg, Tony Ingram, Richard
Kelly, Rebecca MacDonald, The
Hon. John Manley, Anthony Melman, Linda
Morgan, Madeleine Paquin,
David Raisbeck, Hartley Richardson
and Stephen Tobias.
The new Board will meet shortly following the annual
meeting.
Note on forward-looking information
This news release contains certain forward-looking statements
relating but not limited to our operations, proposed investments,
anticipated financial performance and business prospects.
Undue reliance should not be placed on forward-looking information
as actual results may differ materially.
By its nature, CP's forward-looking information involves
numerous assumptions, inherent risks and uncertainties.
Forward-looking statements are not guarantees of future
performance. Factors that could affect forward-looking
information include, but are not limited to: changes in business
strategies; general North American and global economic, credit and
business conditions; inflation; currency and interest rate
fluctuations; the availability and price of energy commodities; the
effects of competition and pricing pressures; industry capacity;
shifts in market demand; changes in laws and regulations, including
regulation of rates; changes in taxes and tax rates; actions by
regulators; potential increases in maintenance and operating costs;
uncertainties of litigation; risks and liabilities arising from
derailments; timing of completion of capital and maintenance
projects; currency and interest rate fluctuations; technological
changes; and various events that could disrupt operations,
including severe weather conditions, flooding, earthquakes, labour
disputes, risks and liabilities arising from derailments as well as
security threats and governmental response to them. Other
risks are detailed from time to time in reports filed by CP with
securities regulators in Canada
and the United States.
Reference should be made to "Management's Discussion and Analysis"
in CP's annual and interim reports, Annual Information Form and
Form 40-F for a summary of major risks.
Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or
otherwise.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) operates a North American
transcontinental railway providing freight transportation services,
logistics solutions and supply chain expertise. Incorporating
best-in-class technology and environmental practices, CP is
re-defining itself as a modern 21st century transportation company
built on safety, service reliability and operational efficiency.
Visit cpr.ca and see how Canadian Pacific is Driving the Digital
Railway.
SOURCE Canadian Pacific