CALGARY, July 21, 2015 /CNW/ - Canadian Pacific Railway Ltd. (TSX: CP)
(NYSE: CP) issued the following statement in response to questions from
investors and to address inaccurate speculation concerning the recent
board resignations and the health of CEO E. Hunter Harrison:
On July 3, 2015, CP director Stephen Tobias notified CP Board Chairman
Gary Colter that he was prepared to resign from the board at a date of
the board's choosing.
In consultation with Krystyna Hoeg, the Chair of the Nominating and
Governance Committee, Mr. Colter caused the company to issue a press
release stating that Mr. Tobias had resigned from the board as of June
29, 2015. The company has subsequently corrected this error.
Mr. Colter caused this press release to be issued without consulting
with the board and without seeking board action to accept Mr. Tobias'
offer to resign.
Because Mr. Tobias was a continuing director of the company through June
30, a majority of CP's directors were U.S. citizens, and thus CP is no
longer eligible for the SEC's Foreign Private Issuer Exemption and will
become a U.S. Issuer beginning in 2016.
The CP board is committed to the highest standards of corporate
governance, and strives to be exemplary in this respect. Consistent
with this philosophy, Mr. Colter and Ms. Hoeg offered to resign in
light of how this issue was handled. The board unanimously accepted
Concerning Mr. Harrison's health, Mr. Harrison recently had stents
implanted in order to improve circulation and reduce cramping in his
legs. In addition, Mr. Harrison is recovering from a mild bout of
pneumonia which has restricted his travel. His full recovery is
expected in the coming weeks. He remains actively engaged in the
company's business, but elected not to travel to Calgary to participate
in this morning's earnings call.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE: CP) is a transcontinental railway in
Canada and the United States with direct links to eight major ports,
including Vancouver and Montreal, providing North American customers a
competitive rail service with access to key markets in every corner of
the globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply chain
expertise. Visit cpr.ca to see the rail advantages of Canadian Pacific.
SOURCE Canadian Pacific
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