Bill Ackman has been shaking up Board Rooms north of the border. At CP Rail Ackman won a proxy fight and installed veteran rail industry CEO Hunter Harrison at the helm of the company.
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.
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