Surprisingly, Bill Ackman has been nominated for a board seat at Canadian Pacific Railway (CP). The activist hedge fund manager has been in a long battle with management at CP and he is currently seeking votes for six new directors.
It appears that Ackman is irritated by the gesture at CP and is unhappy with only being offered one seat. Ackman said that this is “further evidence” of the board’s indifference to investor demands. “It is clear the board does not understand the degree of change that is necessary,” he said.
Ackman has irked management at CP because he is openly trying to change the CEO. He has been using his media sway to drive investor sentiment towards replacing chief executive officer Fred Green with Hunter Harrison, the retired former CEO of Canadian National Railway.
The battle with CP is a significant battle for Ackman and his firm, Pershing Square. His hedge fund controls 14.2 percent of the company and is the largest institutional shareholder on record.