William Ackman - Date unknown Peter Foley.

9 January 2012

Ackman Plans Canadian Pacific Proxy Fight

New York New York USA - Canadian Pacific Railway Ltd. (CP)'s largest shareholder, William Ackman, said he will wage a proxy fight to replace Chief Executive Officer Fred Green.
 
"We intend to replace directors of CP with those who are supportive of a change in leadership," Ackman, founder of Pershing Square Capital Management LP, said today in a telephone interview. "We intend to install Hunter Harrison as CEO once we are successful."
 
Harrison, 67, was previously head of Canadian Pacific competitor Canadian National Railway Co. Ackman, 45, indicated he'd wage a proxy fight after the railroad's chairman, John Cleghorn, sent a letter to shareholders today rejecting Pershing's suggestion for the company to replace Green with Harrison.
 
Ackman, who holds a 14 percent stake in Canadian Pacific, invests in companies he deems undervalued and seeks changes to improve shareholder returns.
 
"We are fully, we are unanimously behind our CEO Fred Green and his management team," Cleghorn said today in a telephone interview.
 
Canadian Pacific fell 0.6 percent to $66.78 at 12:45 p.m. in New York trading.