Canadian Pacific's largest shareholder, William Ackman of New York-based equity firm Pershing Square, reportedly pressuring company to replace CEO Fred Green with former Canadian National Railway CEO Hunter Harrison
December 30, 2011
– Canada's second largest rail carrier, Canadian Pacific Railway Ltd., is getting pressure from its largest shareholder, William Ackman of New York-based hedge fund Pershing Square Capital Management, to replace CEO Fred Green with former Canadian National Railway CEO Hunter Harrison, Business Week reported Dec. 30, citing a source close to the matter.
The source told Business Week that upon Ackman's recommendation, members of CP's board are eager to meet with Harrison who served as CEO at CN from 2003 to 2009. The source added that Harrison has been in discussions with Pershing Square and has signaled an interest in returning to work. Pershing Square had made it known on Dec. 1 that CP was open to changes in management and operations.
The primary source of this article is Business Week, New York, New York, Dec. 30, 2011.