After burning through his last set of aggressive objectives about two years ahead of schedule, Hunter Harrison said Canadian Pacific Railway Ltd. needs a new five-year plan.
“There’s a lot of runway left here,” Mr. Harrison, CP’s chief executive, said on a conference call Wednesday.
Canadian Pacific Railway Ltd. said Wednesday it had extended the contract of its chief executive, Hunter Harrison, by an additional year until 2017.
“When Hunter was brought in to lead the transformational change of this iconic company, the agreement was for four years, plus an option for an additional year,” said Gary Colter, CP’s recently-appointed chairman, in a statement.
By David Hunkar: Canadian National Railway (CNI) and Canadian Pacific Railway (CP) are the major railroads in Canada. Activist investor Bill Ackman of hedge fund Pershing Square Capital Management has initiated a corporate battle to take control of the Canadian Pacific railroad and implement management changes.
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
By Takeover Analyst:In previous articles, I have expressed my bullish outlook on the rail industry. In this one, I argued, frankly, that "railroad stocks are heading skyward". Satiating my interest in railroads with my background in proxy fights, it is interesting to watch the battle going on at Canadian Pacific (CP).
Robbers took 120 packages of diamonds from a plane at Brussels airport. Jim Vena will be the new Canadian National Railways’ CEO. China will implement new taxes on carbon dioxide, water and coal. British Petroleum on a trial for the accident of oil spill in the Gulf of Mexico.
Concerns are being raised that efforts to improve efficiency at Canadian Pacific Railway Ltd. are contributing to a series of accidents at the railroad in recent months, including two more this week.
The country’s second-largest railway is in the midst of a massive restructuring under its new chief executive, Hunter Harrison, aimed at righting the railway’s chronic underperformance.
Hunter Harrison said Wednesday that efforts to restructure Canadian Pacific Railway Ltd. are gathering steam, as the straight-talking chief executive delivered a record first quarter he said lays the ground work for CP’s best year ever.
Mr. Harrison said the strong results came despite a harsh winter, which has weighed on the earnings of its larger rival, Canadian National Railway Co.