Canadian Pacific Railway Ltd. is leaning toward implementing a stock buyback this year, a nod to the needs of U.S. investors, along with a “modest” dividend increase, Chief Executive Officer Hunter Harrison said.
William Ackman, the hedge-fund manager pressing Canadian Pacific Railway Ltd. for a leadership change, said the carrier is losing market share to rivals under current Chief Executive Officer Fred Green.
Canadian Pacific Railway Ltd. Chief Executive Officer Fred Green, targeted for dismissal by hedge- fund investor William Ackman, received no bonus last year as the carrier failed to meet its profit targets.
William Ackman’s Pershing Square Capital Management LP, the largest shareholder in Canadian Pacific Railway Ltd., urged the carrier to hire the former chief executive officer of rival Canadian National Railway Co., a person familiar with the matter said.
Canadian Pacific Railway Ltd. reaffirmed its support for Chief Executive Officer Fred Green following a news report the board would be open to a management shakeup proposed by its biggest investor, William Ackman.
Canadian Pacific Railway Ltd.’s support for Chief Executive Officer Fred Green doesn’t make sense because the company’s performance trails all of its North American peers, the railroad’s largest investor said.