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Winnipeg Free Press - PRINT EDITION
Nominees for CP Rail board gaining steam
AN attempt by a New York investment firm to have its nominees join the board of directors at Canadian Pacific Railway Ltd. and replace chief executive Fred Green is gaining momentum.
Pershing Square Capital Management said Wednesday proxy advisory firm Glass, Lewis & Co. and credit rating agency Egan-Jones Ratings Co. are now backing its plan to revamp the board at the railway.
Pershing, headed by Bill Ackman, is seeking to have its seven nominees join CP's 16-member board and replace Green with Hunter Harrison, former chief executive of rival Canadian National Railway Co. (TSX:CNR).
"We are delighted that proxy advisers Glass Lewis and Egan Jones have joined (Institutional Shareholder Services) in strongly endorsing change at CP," Ackman said in a statement.
"Bolstered by a shareholder mandate for change, in just eight days the nominees for management change will have the opportunity to reset the board's culture, deliver fresh views and perspectives and help lead CP through a CEO change and toward a brighter future."
-- The Canadian Press
Republished from the Winnipeg Free Press print edition May 10, 2012 B7
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Manitoba, P.E.I. tied for highest inflation in April
1:00 AM 0MANITOBA'S annual inflation rate remains stubbornly high compared with most other provinces, although relatively tame by historical standards.
Statistics Canada's latest ...
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