William Ackman, the activist investor who staged a boardroom coup at Canadian Pacific Railway Ltd., plans to sell stock for the first time after the price tripled since he took a stake in the carrier in 2011.
Canadian Pacific Railway Ltd.’s chief executive officer may wear a target on his back as the company’s biggest shareholder, William Ackman’s Pershing Square Capital Management LP, pushes for a management switch.
William Ackman’s pick to lead Canadian Pacific Railway Ltd. would drive customers away if he employs the tactics he used to boost profitability at larger rival Canadian National Railway Co., the smaller carrier 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.’s operating expenses consumed less revenue when Fred Green became chief executive officer than in this year’s first quarter, the last earnings period before shareholders vote on investor William Ackman’s bid to replace him.
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. 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.
Canadian Pacific Railway Ltd. Chief Executive Officer Hunter Harrison, who was lured from retirement as the head of Canadian National Railway Co., is poised to a hire a deputy to implement his turnaround strategy at the least efficient North American carrier.