Canadian Pacific Railway Ltd. (CP: Quote,CP.TO: Quote) on Wednesday said that Rick George has resigned from its Board of Directors. At this time, the Board does not intend to fill the vacancy created by George's departure, the company added.
Paul Haggis, Chairman of the Board, said, "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."
In Mid May, Canadian Pacific's then President and Chief Executive Officer Fred Green had resigned with immediate effect, just hours before its annual shareholder meeting. Green, who began his career at Canadian Pacific in 1978, also resigned as a director and along with five other directors revealed their decision not to stand for re-election.
That move came after a fierce four-month long proxy battle waged by U.S. activist investor Bill Ackman to unseat Canadian Pacific's board of directors as he has been pushing for massive changes to the board in order to turnaround the company's fortunes.
Ackman's New York-based hedge fund Perishing Square Capital Management LP owns 14.2 percent of Calgary, Canada-based Canadian Pacific and is its biggest shareholder.
On June 1, another board member David Raisbeck had stepped down from the Canadian Pacific Board.
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by RTT Staff Writer
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