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Rail News Home Canadian Pacific

5/18/2012



Rail News: Canadian Pacific

CP installs Tobias as interim CEO, Paquin as acting chair


Yesterday, Canadian Pacific named Stephen Tobias interim chief executive officer in the wake of Fred Green’s resignation as president and CEO.

A 40-year rail industry veteran who formerly served as vice chairman and chief operating officer for Norfolk Southern Corp., Tobias was one of seven Pershing Square Capital Management L.P. board nominees who won election yesterday as CP directors.

In addition to Tobias, the 16-member board now includes Pershing Square founder and CEO William Ackman, Pershing Square partner Paul Hilal, former CSX Corp. executive vice president and COO Tony Ingram, Gary Colter, Richard George, Paul Haggis, Krystyna Hoeg, Richard Kelly, John Manley, Rebecca MacDonald, Anthony Melman, Linda Morgan, David Raisbeck, Hartley Richardson and Madeleine Paquin.

Following yesterday’s shareholders meeting, the board elected Paquin, president and CEO of Logistec Corp., as acting chair. The board also appointed a search committee to identify a permanent CEO.

Since purchasing 20.6 million of CP shares in October 2011, Pershing Square has been pushing for a top management change and new board members to hasten financial and operational improvements at the Class I. The company has proposed installing former CN President and CEO E. Hunter Harrison in CP’s top post to drive changes.


Contact Progressive Railroading editorial staff.

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