Canadian Pacific announced Sept 8, 2016 that Executive Vice President and Chief Financial Officer Mark Erceg has resigned, effective immediately, to join a U.S. company. Nadeem Velani has been appointed interim Vice President and CFO.
Approximately one month after billionaire hedge fund manager Bill Ackman dumped all his shares in Canadian Pacific Railway Ltd. and walked away with an estimated $1.5 billion to pursue other ventures, he has resigned from CP’s Board of Directors.
Canadian Pacific announced Aug. 25, 2016 that it “welcomes the release of the full proceedings from the Canadian Transportation Safety Board’s (TSB) recent Transportation Safety Summit and urges government officials to take action on LVVRs (locomotive video and voice recorders).”
The second quarter of 2016 was not kind to Canadian Pacific, though in line with CP’s quarterly outlook, released in June.
E. Hunter Harrison came out of retirement in 2012 to lead Canadian Pacific out of the Class I basement, where it had languished for several years. The following year, his protégé, Keith Creel, left CN to join his mentor. Next July, Creel will officially fill Harrison’s shoes upon Harrison’s retirement after more than a half-century in railroading.
Canadian Pacific on June 21, 2016 provided an earnings outlook for the year’s second-quarter “due to lower-than-anticipated volumes in bulk commodities, such as grain and potash, the unexpected and devastating wildfires in northern Alberta and a strengthening Canadian dollar.”
National Transportation Policy mandates that railroads be managed efficiently. While railroad performance is reflective of improvement, some railroads excel, with the reasons increasingly under digital scrutiny by activist money managers entrusted with investments of foundations, endowments and pension funds seeking superior returns.
CN and the Canadian Pacific announced on May 5, 2016 that they are contributing a minimum of C$150,000, combined, to help people affected by the devastating wildfires that have swept through Northern Alberta, forcing emergency evacuations of some 80,000 people and destroying thousands of homes and businesses.
Cover story from the May 2016 issue of Railway Age: Norfolk Southern has been looking over its shoulder for almost a year. Now, it can focus its attention ahead.
Despite a 4% drop in revenues, Canadian Pacific Railway Ltd. posted its lowest-ever first-quarter operating ratio of 58.9% and reported diluted earnings per share of $3.51, or $2.50 on an adjusted diluted earnings per share basis, for first-quarter 2016.