CPR installs ex-CN chief as new CEO
Harrison planning strategy
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Hey there, time traveller!
This article was published 01/07/2012 (4878 days ago), so information in it may no longer be current.
CALGARY — Canadian Pacific Railway named Hunter Harrison its new president and chief executive officer Friday, drawing the longtime railroader out of retirement to lead what was once his biggest rival.
Harrison, 67, is the former CEO of Canadian National Railway and is credited with turning CN into one of North America’s most successful railways — a track record lauded by Canadian Pacific’s largest shareholder in its push for change at the top.
“I know you, your colleagues and the company have been through unsettling times lately. Let me assure you, I recognize great potential lies within CP,” Harrison said in a letter to employees, obtained by The Canadian Press.
New York hedge fund Pershing Square Capital Management became the largest shareholder of Canadian Pacific last year, touching off a bitter, months-long battle that resulted in the departure of the railway’s chief executive, chairman and several directors.
Pershing Square CEO Bill Ackman placed the blame for the railway’s underperformance squarely on then-CEO Fred Green. The appointment of Harrison, Ackman’s preferred candidate to replace Green, was widely expected.
Paul Haggis, who became CP chairman after the departure of John Cleghorn, said the new board appointed Harrison after a thorough selection process. The railway said he has been given a four-year contract.
In his letter to staff, Harrison said there’s no “magic formula” for fixing the railway. “It will come down to a mix of the strengths of the railway and CP people working hard to execute the plan for service excellence.”
In an interview with Business News Network, Harrison said he expects to spending the next four months or so formulating a comprehensive plan to get CP back on track.
Harrison’s former employer has argued that he continues to have contractual obligations to CN, which he appeared to be breaching in considering a jump to CP.
“CN is concerned that it will be difficult, if not impossible, for Mr. Harrison to perform his new duties for CP without drawing upon his broad knowledge of CN’s confidential information, which he is not permitted to do,” the railway warned.
— The Canadian Press