Canadian Pacific accelerates CEO's retirement
Canadian Pacific Railway Ltd. is accelerating the retirement of CEO Hunter Harrison by about six months after he inquired about the possibility of working with other major freight railroads.
The Calgary, Alberta, railroad said Wednesday that Harrison will forfeit roughly 118 million Canadian dollars ($88.9 million) in stock options and pension benefits as part of a separation agreement.
The railroad's President Keith Creel is being promoted to CEO immediately.
Harrison will officially retire at the end of the month, but he is on vacation until then, so he didn't take part in the railroad's earnings conference call Wednesday.
Harrison came out of retirement in 2012 to lead Canadian Pacific in 2012 after activist investor Bill Ackman took a large stake. Harrison had previously led Canadian National and Illinois Central railroads.