CALGARY, AB – JUNE 29, 2012
After Fred Green was terminated as CEO during a proxy battle led by former CN CEO E. Hunter Harrison, the Surface Transportation Board and Federal Railroad Administration have decided to ban Harrison and his executives and newcomer Thomas R. Boyer will be taking the position instead.
“We can’t let something like this happen again”, said the chairman of the Surface Transportation Board, “proxy battles never end well, and this was the case.” Harrison has been banned from the railroad industry for 5 years due to his actions against CP during the proxy battle.
Boyer, the new CEO of the company, has announced a five-year plan for the Canadian Pacific Railway. However, this will be published in a separate article this afternoon. For now, we bring you Boyer’s letter to the employees of CP this past June:
“It is an honor and privilege to be selected as the chairman and chief executive officer of the Canadian Pacific Railway by the CP Board of Directors this summer. We have quite a wonderful team here, and I am looking forward to knowing everybody here, including the customers, employees, shareholders, and the communities who have come to know us as a dedicated and spirited railway. I would love to work with all of you fine, hardworking people, to help build and create a better railway for the future. This new era of the Canadian Pacific begins right now.
“As well, I would like to make some improvements to our infrastructure, as this is necessary to deliver the best possible service to our many customers. I would also like to improve our fleet of nearly 1,000 locomotives and bring back some old heritage that we have not expressed in decades.
“I am proud to be a part of a hardworking, dedicated railway, with such a fine group of people. I am very hopeful for our future, and I will enjoy working with and getting to know all of you.”
Thomas R. Boyer
New President, Chairman, and CEO of the Canadian Pacific Railway