The Bill Ackman Installed CP Rail CEO Begins to Make His Mark - Plans to Lay Off 23% of Workers
Harrison isn't wasting much time, and isn't making many friends with the announcement today that 23% of CP employees will be gone by 2016. The Globe and Mail covers the story:
Canadian Pacific Railway Ltd. is slashing close to a quarter of its work force over four years, as recently arrived CEO Hunter Harrison aggressively carves out costs to create a more competitive railway.
Approximately 1,700 jobs will be eliminated by year’s end through layoffs, attrition and the use of fewer contract positions, with up to a total of 4,500 jobs by 2016 – about 23 per cent of the current 19,500 employees and contractors.