CP Rail says improved metrics show its plan is working
TORONTO (Reuters) - Canadian Pacific Railway Ltd (CP.TO: Quote), fighting a bruising proxy battle with activist investor Pershing Square Capital Management, reported record operating results for April on Wednesday.
CP, the least efficient of North America's big railroads, said the operating figures for April show its turnaround plan is working. Canada's No. 2 railroad is facing a vote of confidence at its shareholders meeting on May 17, with Pershing's slate of directors seen gaining support over that of CP's incumbent board.
The announcement came as two more proxy advisory firms recommended that shareholders vote for Pershing Square's entire slate of seven directors. New York-based Pershing, which has a 14.1 percent stake in the railway, says CP Chief Executive Fred Green must be replaced, ideally by Hunter Harrison, the hard-driving former CEO of Canadian National Railway (CNR.TO: Quote).
(Reporting By Susan Taylor; Editing by Peter Galloway)
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