Ackman Push for New Rail Chief Puts Bull's-Eye on Canadian Pacific's Green

Jan 05, 2012

Canadian Pacific Railway Ltd. (CP, Financial)’s chief executive officer may wear a target on his back as the company’s biggest shareholder, William Ackman’s Pershing Square Capital Management LP, pushes for a management switch.

Ackman said yesterday the railroad sought a meeting with his proposed replacement for CEO Fred Green -- Hunter Harrison, the retired chief at Canadian National Railway Co. (CNR) Canadian Pacific Chairman John Cleghorn said the railroad never requested talks with Harrison, while not ruling out a CEO change.

“Why wouldn’t they have said in there, ‘Look, Fred Green’s our guy, he’s going to continue to run the company,’” said Brian Yarbrough, an Edward Jones & Co. analyst in St. Louis. Cleghorn’s only stated concern about Harrison in a letter to Ackman was the former CEO’s “non-compete” agreement with Canadian National, Yarbrough said.

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