Canadian Pacific - For The Railroad Industry Professional
Canadian Pacific Railway Ltd. (CP) operates one of North America's Class I railroads, providing freight transportation services, logistics solutions and supply chain expertise.
Canadian Pacific Railway (CP) operates over a network of 14,700 miles of track in six Canadian provinces and 13 U.S. states, and serves Canada's principal business centers, from Montreal, Quebec, to Vancouver, British Columbia; and the U.S. Northeast and Midwest. Agreements with other carriers extend the railroad's market east of Montreal and throughout the United States and into Mexico.
The railroad transports bulk commodities including grain, coal, sulphur and fertilizers; merchandise freight, including finished vehicles, auto parts, forest, industrial and consumer products; and intermodal traffic.
Canadian Pacific Railway (CP) also operates the Royal Canadian Pacific, a luxury passenger-rail service.
The transcontinental railroad was incorporated in 1881 and "drove the last spike" in 1885. In 1990, Canadian Pacific Railway (CP) took control of the Soo Line, which had absorbed the Milwaukee Road in 1985 and the Minneapolis, Northfield and Southern Railway in 1982. In 1991, Canadian Pacific Railway (CP) acquired the Delaware and Hudson Railway, which gave Canadian Pacific Railway (CP) access to U.S. Northeast ports.
In 2011, Canadian Pacific Railway (CP) posted $5.2 billion in total revenue, $4.2 billion in operating expenses, $967 million in operating income and $570 million in net income. (Reported in Canadian dollars.)
The company employs 16,100 people. Its executives include E. Hunter Harrison, president and chief executive officer; Jane O'Hagan, executive vice president and chief marketing officer; Don Campbell, senior vice president strategy and financial planning; Peter Edwards, vice president, human resources and IR; Kathryn McQuade, executive vice president and chief financial officer; Mike Franczak, executive vice president and chief operations officer; Brian Gassby, senior vice president finance and comptroller; and Paul Guthrie, vice president, law and risk management.
Canadian Pacific Railway's leadership changes
Earlier this year, Canadian Pacific Railway (CP) underwent board and management changes, which were spurred by Pershing Square Capital Management L.P.'s October 2011 purchase of a 14.2 percent stake in the company. In February 2012, Pershing Square leaders began pushing for management and board changes.
In April 2012, Pershing Square put forth a panel of candidates for election to the board. Just prior to the May 17 annual meeting of shareholders, Fred Green resigned as president, CEO and board director of Canadian Pacific Railway (CP); Green served the railroad for 34 years. In addition, board members John Cleghorn, Tim Faithfull, Edmond Harris, Michael Phelps and Roger Phillips advised the company that they would not stand for reelection to the board.
At the May 17 meeting, seven Pershing Square nominees won election to the Canadian Pacific Railway (CP) board: Pershing Square CEO William Ackman; Pershing Square partner Paul Hilal; former Norfolk Southern Railway Vice Chairman and Chief Operating Officer Stephen Tobias; Alberta Enterprise Corp. Chairman Paul Haggis; and Canadian business executives Gary Colter, Rebecca MacDonald and Anthony Melman.
On June 4, 2012, Canadian Pacific Railway (CP) announced Haggis was elected chairman to succeed Cleghorn. And on June 29, the board announced it had appointed Harrison president and CEO. Harrison formerly was president and CEO of CN, from January 2003 to December 2009; and served as CN's chief operating officer from 1998 until 2003.