CALGARY, July 21, 2015 /PRNewswire/ - Canadian Pacific
Railway Ltd. (TSX: CP) (NYSE: CP) issued the following statement in
response to questions from investors and to address inaccurate
speculation concerning the recent board resignations and the health
of CEO E. Hunter Harrison:
On July 3, 2015, CP director
Stephen Tobias notified CP Board
Chairman Gary Colter that he was
prepared to resign from the board at a date of the board's
choosing.
In consultation with Krystyna
Hoeg, the Chair of the Nominating and Governance Committee,
Mr. Colter caused the company to issue a press release stating that
Mr. Tobias had resigned from the board as of June 29, 2015. The company has subsequently
corrected this error.
Mr. Colter caused this press release to be issued without
consulting with the board and without seeking board action to
accept Mr. Tobias' offer to resign.
Because Mr. Tobias was a continuing director of the company
through June 30, a majority of CP's
directors were U.S. citizens, and thus CP is no longer eligible for
the SEC's Foreign Private Issuer Exemption and will become a U.S.
Issuer beginning in 2016.
The CP board is committed to the highest standards of corporate
governance, and strives to be exemplary in this respect. Consistent
with this philosophy, Mr. Colter and Ms. Hoeg offered to resign in
light of how this issue was handled. The board unanimously accepted
their resignations.
Concerning Mr. Harrison's health, Mr. Harrison recently had
stents implanted in order to improve circulation and reduce
cramping in his legs. In addition, Mr. Harrison is recovering from
a mild bout of pneumonia which has restricted his travel. His full
recovery is expected in the coming weeks. He remains actively
engaged in the company's business, but elected not to travel to
Calgary to participate in this
morning's earnings call.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway
in Canada and the United States with direct links to eight
major ports, including Vancouver
and Montreal, providing North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of Canadian Pacific.
SOURCE Canadian Pacific