CALGARY, July 20, 2016 /PRNewswire/ - Canadian
Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced that
CP's Board of Directors has reached an agreement with CP's next
chief executive officer, Keith
Creel. Currently president and chief operating officer,
Creel will become president and CEO on July
1, 2017.
"Keith is a tremendous railroader who is more than ready to take
the helm as our next CEO," said Andrew F.
Reardon, Chairman of the Board. "Since joining the company
in 2013, Keith has continued to demonstrate to the CP Board and all
of our stakeholders his considerable leadership abilities and
capacity to lead this organization into the future. Keith and
the entire CP team have benefited greatly from Hunter's leadership
and the Board recognizes that we are well-positioned for the
future."
Creel was appointed president and chief operating officer in
February, 2013 and joined the CP Board in May of 2015. Creel
previously served as the executive vice president and chief
operating officer of Canadian National Railway Company.
"I have known and worked with Keith for more than 20 years,"
said E. Hunter Harrison, CP CEO. "He
is one of the strongest operating executives I have ever met in
this business and I know he will do a fantastic job leading CP
after my retirement. I look forward to supporting him as we
continue to transition over the next year."
CP also announced today that it has reached a three-year,
post-retirement consulting agreement with Harrison.
"We are absolutely thrilled that Hunter has agreed to continue
in a supporting advisory capacity after he retires at the end of
June 2017," Reardon said. "Having the
greatest railroader in history available to the organization and
the Board brings countless benefits. Hunter led the historic
turnaround of the Company, and we are more than fortunate that he
has agreed to continue his relationship with us for three-years
post his retirement."
Harrison joined CP as CEO in June
2012, and possesses more than 50 years of railroad
experience.
"I've demonstrated my trouble with retiring in the past, so
being available to the Board and the organization after my official
retirement is exciting," Harrison said. "In four years we have gone
from an industry laggard to an industry leader. I look
forward to assisting Keith, the executive team and the Board in any
manner requested as they continue to write the CP story."
Forward Looking Statement
This news release contains
certain forward-looking information within the meaning of
applicable securities laws relating, but not limited, to executive
succession, agreements for the provision of future services, our
operations, priorities and plans, anticipated financial
performance, business prospects, planned capital expenditures,
programs and strategies. This forward-looking information also
includes, but is not limited to, statements concerning
expectations, beliefs, plans, goals, objectives, assumptions and
statements about possible future events, conditions, and results of
operations or performance. Forward-looking information may contain
statements with words or headings such as "financial expectations",
"key assumptions", "anticipate", "believe", "expect", "plan",
"will", "outlook", "should" or similar words suggesting future
outcomes. To the extent that CP has provided guidance using
non-GAAP financial measures, the Company may not be able to provide
a reconciliation to a GAAP measure, due to unknown variables and
uncertainty related to future results.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of factors
is not exhaustive. These and other factors 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
"Item 1A - Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations - Forward-Looking
Information" in CP's annual and interim reports on Form 10-K and
10-Q. Readers are cautioned not to place undue reliance on
forward-looking information. Forward looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. 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) 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