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Rail News Home Canadian Pacific


Rail News: Canadian Pacific

Pershing Square exec addresses CP shareholders in new letter


Today, Pershing Square Capital Management L.P. Chief Executive Officer William Ackman issued a letter to Canadian Pacific shareholders regarding the election of its nominees to CP’s board at the shareholders meeting to be held May 17.

Pershing Square — which has acquired a more than 14 percent stake in CP — is pushing for board and management changes at the Class I, as well as financial and operational performance improvements. The company also has proposed installing former CN President and CEO E. Hunter Harrison in CP’s top post to drive changes.

To view the letter, click here.

CP has not yet issued a statement on its website in response to the letter.

Contact Progressive Railroading editorial staff.

More News from 4/16/2012