Canadian Pacific Railway Ltd. posted higher first-quarter earnings than analysts estimated as Chief Executive Officer Hunter Harrison makes progress on profitability goals set during last year’s proxy fight.
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.
Canadian Pacific Railway Ltd. surged the most in six weeks after Chief Executive Officer Hunter Harrison said he would cut jobs and study asset sales to boost profitability at North America’s least-efficient railroad.
Hunter Harrison, William Ackman’s choice to lead Canadian Pacific Railway Ltd., said he would be willing to stay in the job for as long as it takes to turn around the least efficient railroad in North America.
Canadian Pacific Railway Ltd. hired Keith Creel away from rival Canadian National Railway Co. and named him president and chief operating officer to assist Chief Executive Officer Hunter Harrison in his turnaround plan.
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.
William Ackman had to wait only six weeks after winning a proxy fight at Canadian Pacific Railway Ltd. for his choice as chief executive officer to get the job. Achieving his profitability targets for the least efficient of North America’s major railroads may take several years.