CALGARY, Sept. 6, 2016 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) today announced changes to its
Board of Directors, including the appointment of Jill Denham and William
R. Fatt, and the resignation of Bill
Ackman, effective immediately.
"Bill has been instrumental in CP's turnaround and his
leadership will be missed at the board level," said Andrew F. Reardon, Chairman of the Board. "His
experience, energy, commitment and knowledge served the board well
over the last four years and positions CP well for the future. With
our focus on the future, we have added two new individuals who will
bring a great deal of knowledge and passion to their roles."
Mr. Ackman, who was a member of the Finance and Corporate
Governance and Nominating Committees, joined the board in 2012.
"I have enjoyed working with Bill from day one," said
E. Hunter Harrison, CP Chief
Executive Officer. "He saw an opportunity at CP, worked hard to
bring me in to the fold, and delivered for shareholders and the
board. Over the last four years we have built a better CP and that
model remains in place to continue to deliver not just for
shareholders, but for customers and employees. We thank Bill for
everything he has done and wish him well in the future."
Mr. Ackman led the successful effort to install new board
members and new management at CP in 2012 when the company was the
worst-performing Class 1 railroad in North America. Since that time, CP has
generated more than $14 billion in
shareholder value and its share price has outperformed the
S&P/TSX Composite by 120 percent through the end of 2015.
During Mr. Ackman's tenure on the board, CP transformed from
railroading's biggest laggard to one of the industry's very
best.
"I am proud to have served alongside so many passionate and
diligent board members, and to have worked with management and the
entire CP team on one of the most successful turnarounds in North
American corporate history," Mr. Ackman said. "I am confident that
with CP's superb management and strong governance, it will extend
its remarkable track record into the future."
Ms. Denham joins the CP board after a career spent in senior
roles in the financial services industry. She was the Vice Chair
Retail Markets at CIBC from 2001 through 2005 and the Managing
Director Head of Commercial Banking and E-Commerce at the bank from
1999 to 2001. Prior to that, Ms. Denham served CIBC overseas in
London, UK as the Managing
Director Head from 1995. She entered the financial services
industry in 1983.
Ms. Denham currently serves as Chair of the Board at Morneau
Sheppell and at Munich Reinsurance Canada. She is also a board
member at National Bank of Canada
and Kinaxis Inc.
Mr. Fatt joins the CP board after serving as the Chairman and
CEO of FRHI Hotels & Resorts from 1998 through July 2016. Prior to becoming CEO at FRHI, which
was created from the merger of Fairmont Hotels & Resorts and
Raffles Hotels & Resorts in 2006, Mr. Fatt was the CFO at
Canadian Pacific Ltd. - the parent company of Fairmont's
predecessor, Canadian Pacific Hotels as well as CP's operating
company, Canadian Pacific Railway Co.
Mr. Fatt currently sits on the board of the Jim Pattison Group
and the Bank of Nova Scotia.
Previously, he had served on the boards of Cadillac Fairview Corp.,
EnCana Corp., SunLife Financial Inc. and Enbridge Inc.
"The diverse experience and expertise these individuals bring to
the CP board will have an immediate constructive impact," Mr.
Reardon said. "They are committed to building on the successes and
hard work of the past five years, which have positioned CP as an
industry leader now and in the years to come."
Note on forward-looking information
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited to, 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.
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