CALGARY, Oct. 11, 2012 /PRNewswire/ - Canadian Pacific
(TSX:CP) (NYSE:CP) today announced that Brian Grassby has been appointed Senior
Vice-President and Chief Financial Officer (CFO) effective
November 1, 2012. Kathryn McQuade has informed the company she
will retire from the role of CFO on that date. McQuade will remain
as a Senior Advisor to Grassby until the end of her contract in
May 2013 to ensure a successful
transition.
"My decision to retire at this time reflects my belief that a
CFO should have a long-term commitment to the company. Brian
is ready to take the reins and his deep financial expertise and
continuity of leadership will drive overall financial strength and
shareholder value as the company enters this significant period of
change," said McQuade. "Brian and I have been working on
transition plans and with our new CIO, Mike
Redeker in place, now is an appropriate time for me to shift
my role to an advisory position. I feel confident that I am
leaving Hunter with a leadership team that will serve him, CP and
our shareholders very well."
McQuade joined CP in June
2007 as Executive Vice-President and Chief Operating Officer
and was appointed Executive Vice-President and CFO in September 2008. Prior to her move to CP, she
spent 27 years with Norfolk Southern Corp.
"It has been a great privilege for Canadian
Pacific to have benefited from Kathryn's leadership and I thank her
for her numerous contributions," said E.
Hunter Harrison, CP President and CEO. "She has arguably
been one of the top CFO's in the industry for many years and we are
sad to see her go. It is also with great confidence that we
welcome Brian to his new role as he will be instrumental in moving
CP's financial performance forward."
"CP is going through a period of exciting change," said
Grassby. "I am extremely honoured by this opportunity and
look forward to leading the finance team into the future.
Kathryn and I have worked together for the last five years. I want
to thank her for all her wise counsel and advice. I wish her
all the best."
As CP's Senior Vice-President and CFO, Grassby's
responsibilities will continue to include financial planning,
reporting and accounting systems as well as pension, treasury, tax
and supply services. Under Grassby's leadership, in 2010 CP
successfully completed the transition from Canadian to U.S. GAAP.
Prior to joining CP as Vice-President and Comptroller in 2001,
Grassby spent more than 14 years in finance at a large Canadian
electronics firm. He is a graduate in Commerce from McGill University and is a Chartered
Accountant.
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 www.cpr.ca to learn more.
SOURCE Canadian Pacific