Rick George - Date unknown Jeff McIntosh.

27 June 2012

George Quits Canadian Pacific Railway Board

Calgary Alberta - Rick George, the former chief executive officer at Suncor Energy Inc., has resigned from Canadian Pacific Railway Ltd.'s board of directors.
 
Mr. George's departure comes on the heels of the exit of another CP director, David Raisbeck. The two resignations have left the Calgary-based railway with 14 directors.
 
CP has no plans to fill either vacancy, meaning the board now has seven incumbent CP directors and seven new members who were appointed in May after U.S. hedge fund Pershing Square Capital Management LP won a bitter proxy fight against the railway.
 
Mr. George served as Suncor's CEO from 1991 to 1 May 2012. He joined CP's board in May 2011.
 
"Rick has made a strong contribution to the board, providing valuable insight and guidance. The board wishes to thank him for his many contributions to the company, particularly his leadership in the board's search for a new CEO," CP chairman Paul Haggis said in a statement.
 
CP is in the final stages of completing its search for a new CEO to replace Fred Green, who stepped down last month after Pershing Square mounted an aggressive campaign to oust him.
 
Pershing Square CEO Bill Ackman has touted Hunter Harrison, the former CEO at rival Canadian National Railway Co., as the best candidate to replace Mr. Green and spearhead efforts to turn around under performing CP.
 
CP announced on 11 Jun 2012 that Mr. Raisbeck, Cargill Inc.'s former vice-chairman, resigned from the railway's board.
 
Mr. Ackman, Mr. Haggis, and five other nominees from a dissident slate backed by Pershing Square joined CP's board at the railway's annual meeting on 17 May 2012. Six people, including Mr. Green and former CP chairman John Cleghorn, agreed not to stand for re-election the day before that meeting after early vote results showed they had insufficient shareholder support.
 
New York-based Pershing Square is CP's largest shareholder, with a 14.2 percent stake.
 
Brent Jang.