Investor William Ackman said he will shield his choice to run Canadian Pacific Railway Ltd. against a possible loss of benefits after the retired executive’s former employer suspended pension and other payments.
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’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.’s largest shareholder, William Ackman, said his choice for chief executive officer wouldn’t be hindered from taking the job by agreements with the competing railroad he previously led.
Canadian Pacific Railway Ltd. plans to cut about 23 percent of its workforce in four years as Chief Executive Officer Hunter Harrison, hired after a proxy fight by hedge-fund manager William Ackman, boosts profitability at the least efficient of North America’s large railroads.