Canadian Pacific Railway (CP) has announced the resignation of Bill Ackman from its Board of Directors, effective immediately. CP has also appointed two new members to the board, Jill Denham and William R. Fatt.
Andrew F. Reardon, chairman of the board, remarked, "Bill has been instrumental in CP's turnaround and his leadership will be missed at the board level. His experience, energy, commitment and knowledge served the board well over the last four years and positions CP well for the future.”
“With our focus on the future, we have added two new individuals who will bring a great deal of knowledge and passion to their roles,” added Reardon.
"I have enjoyed working with Bill from day one," stated CP CEO E. Hunter Harrison. "He saw an opportunity at CP, worked hard to bring me in to the fold, and delivered for shareholders and the board. Over the last four years we have built a better CP and that model remains in place to continue to deliver not just for shareholders, but for customers and employees. We thank Bill for everything he has done and wish him well in the future."
Ackman joined the board in 2012 and was a member of the Finance and Corporate Governance and Nominating Committees. In 2012, he led CP’s effort to install new board members and management when the company was North America’s worst-performing Class I railroad. Since then, CP has generated more than $14 billion in shareholder value, and its share price has outperformed the S&P/TSX Composite by 120 percent through the end of 2015.
"I am proud to have served alongside so many passionate and diligent board members, and to have worked with management and the entire CP team on one of the most successful turnarounds in North American corporate history," said Ackman. "I am confident that with CP's superb management and strong governance, it will extend its remarkable track record into the future."
Jill Denham joins the CP board after a career spent in senior roles in the financial services industry. She was vice chair retail markets at CIBC from 2001 through 2005 and managing director head of commercial banking and E-commerce at the bank from 1999 to 2001. Denham also served CIBC in London, UK, as the managing director head from 1995. She began her career in the financial services industry in 1983.
Denham currently serves as chair of the board at Morneau Sheppell and at Munich Reinsurance Canada. She is also a board member at National Bank of Canada and Kinaxis Inc.
William R. Fatt joins the CP board after serving as the chairman and CEO of FRHI Hotels & Resorts from 1998 through July 2016. Before that, he was the CFO at Canadian Pacific Ltd., which is the parent company of Fairmont's predecessor, Canadian Pacific Hotels as well as CP's operating company, Canadian Pacific Railway Co.
Fatt is a board member of the Jim Pattison Group and the Bank of Nova Scotia. He previously served on the boards of Cadillac Fairview Corp., EnCana Corp., SunLife Financial Inc. and Enbridge Inc.
"The diverse experience and expertise these individuals bring to the CP board will have an immediate constructive impact," Reardon stated. "They are committed to building on the successes and hard work of the past five years, which have positioned CP as an industry leader now and in the years to come."