Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) (NYSE: CP, Stock Forum) said its president and chief Executive Officer Fred Green has departed from the company after deciding not to stand for re-election at the company’s shareholders meeting, Thursday.
Other board members, including John Cleghorn, Tim Faithfull, Edmond Harris, Michael Phelps and Roger Phillips did not stand for re-election. This decision was made after taking into account the views expressed by shareholders about the desire for board change.
Those shareholders were led by Ackman’s New York hedge fund Pershing Square Capital Management.
As a result, the board will be comprised of the following individuals immediately following the annual meeting: William Ackman, Gary Colter, Richard George, Paul Haggis, Paul Hilal, Krystyna Hoeg, Tony Ingram, Richard Kelly, Rebecca MacDonald, The Hon. John Manley, Anthony Melman, Linda Morgan, Madeleine Paquin, David Raisbeck, Hartley Richardson and Stephen Tobias.
Trading at $76.90 this week, CP has a market cap of $12.9 billion, based on 170.9 million shares outstanding. The 52-week range is $79.29 and $46.01.