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Canadian Pacific Railway CEO Hunter Harrison Leaving Early

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Canadian Pacific Railway CEO Hunter Harrison stepping down to take new job

Canadian Pacific Railway CEO Hunter Harrison stepping down to take new job*/

– Hunter Harrison has struck a surprise deal to step down as CEO of Canadian Pacific Railway Ltd. five months ahead of schedule, apparently so he can take a job with a competing railroad.The railway said in a news release after markets closed on Wednesday the 72-year-old would give up benefits and stock options worth up to $118 million, including forfeiting his CP Rail pension, in return for cancelling his non-compete agreement and allowing him to “pursue opportunities involving other Class 1 railroads.”It said he would leave his post immediately and would not accept a three-year consultant’s role announced last summer when his retirement date was given as July 1, 2017.
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Canadian Pacific Railway says Hunter Harrison stepping down immediately

Canadian Pacific Railway says Hunter Harrison stepping down immediately*/

– CALGARY – Hunter Harrison has struck a surprise deal to step down as CEO of Canadian Pacific Railway Ltd. (TSX:CP) five months ahead of schedule, apparently so he can take a job with a competing railroad.The railway said in a news release after markets closed on Wednesday that the 72-year-old would give up benefits and stock options worth up to $118 million, including forfeiting his CP Rail pension, in return for cancelling his non-compete agreement and allowing him to “pursue opportunities involving other Class 1 railroads.”It said he would leave his post immediately and would not accept a three-year consultant’s role announced last summer when his retirement date was given as July 1, 2017.
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Canadian Pacific Railway CEO Hunter Harrison Leaving Early

Canadian Pacific Railway CEO Hunter Harrison Leaving Early*/

– Canadian Pacific Railway Ltd. said Chief Executive Hunter Harrison will step down earlier than expected, leaving company President Keith Creel to steer the railroad forward in a challenging industry plagued by low volume growth.Mr. Harrison, a 72-year-old rail veteran, was brought on board to lead CP in June 2012 after a successful proxy battle waged by U.S. activist investor Bill Ackman.His most recent contract was extended to the end of June 2017, when he was expected to hand over the reins to Mr. Creel.
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