Canadian Pacific Railway Ltd.’s chief executive Fred Green has abruptly resigned ahead of the company’s annual general meeting Thursday morning in Calgary after 34 years of service at Canada’s No. 2 railway
Reduce operating ratio to mid-60s by midyear 2016
Reduce workforce by 23% by 2016 – about 4,500 positions
Strategic review of western portion of DM&E and D&H
Increase average train length and weight by 30%
Move headquarters to Ogden Yard north of Calgary in early 2014
Around mid-July, just weeks after Hunter Harrison took over as chief executive of Canadian Pacific Railway Ltd., the venerable railroader met with about
Norfolk Southern Corp. is meeting with investors this week to promote its new operating plan as part of an effort to convince them that it’s doing the right thing in shunning a takeover by Canadian Pacific Railway Ltd., according to people familiar with the matter.
Canadian Pacific Railway Ltd. had a merger proposal with U.S. railroad CSX Corp. turned away some time in the past week, said people familiar with the matter.
It’s not clear whether Calgary-based Canadian Pacific will return with another proposal, said the people, who asked not to be named because the matter is private. The two companies together would have a market value of about $62.5 billion, according to data compiled by Bloomberg. The Wall Street Journal reported the overture earlier today.
CALGARY — Former cabinet minister Jim Prentice has joined Canadian Pacific Railway’s board of directors.
The Calgary-based railway says the appointment is effective as of Friday.
During his time in government, Prentice was in charge of the Environment, Industry and Indian Affairs and Northern Development portfolios.
He’s currently senior executive vice-president and vice chairman at the Canadian Imperial Bank of Commerce and serves on the boards of Bell Canada and Coril Holdings Ltd.
Canadian Pacific Railway Ltd. unveiled details of its dramatically reorganized structure Wednesday, centralizing the railroad’s planning under new chief executive Hunter Harrison but also aiming to empower frontline workers to react more quickly to operational challenges and improve relations with its customers.
The unions representing CP’s workers, however, said they were still in the dark about where 4,500 job cuts, to come by 2016 under the plan, will fall.
Canadian and U.S. investors appear to have diverging views on the potential for a turnaround at Canadian Pacific Railway Ltd. in the lead up to its investor day next week in New York City.
CP is expected to unveil its detailed plans to right the railway under its new chief executive, Hunter Harrison, at the meeting on Dec. 4 and 5.
MONTREAL — Canadian Pacific Railway Ltd. says industry consolidation in North America is inevitable, amid reports that it has approached a U.S. rival about a potential merger.
Chief operating officer Keith Creel declined to confirm it is eyeing Norfolk Southern, about a year after an overture to CSX Corp. ended without a deal.
But he told a Toronto conference that an industry pause on mergers will eventually end.
“When it comes to consolidation it’s not if but when,” he told a Scotiabank transportation conference.
Canadian Pacific Railway Ltd. said Monday it would be indefinitely putting off its expansion into Wyoming’s Powder River Basin, which was at one time heralded as the Crown Jewel in its purchase of the Dakota, Minnesota, and Eastern Railroad Corp. in 2007.
The railway said would be taking a $180-million, or $107-million after tax, charge during the fourth quarter relating to the writedown of its option to expand into the coal-rich region.
Pershing Square Capital Management LP said Monday it plans to sell up to seven million of its shares in Canadian Pacific Railway Ltd. over the next six months to a year.
The New York-based hedge fund said it intended to unload the shares, which amount to roughly 30% of its stake in the railway.
Bill Ackman, Pershing Square chief executive, successfully led a proxy battle at the railway to see Hunter Harrison replace the company’s former CEO, Fred Green, last year.