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TORONTO (Reuters) - Canadian Pacific Railway Ltd (CP.TO) said on Wednesday that its Chief Executive Officer Hunter Harrison has agreed to extend his contract with the rail operator for an additional year.
Harrison officially joined CP in June, 2012. He was chosen by Bill Ackman's hedge fund Pershing Square Capital Management to lead a transformation at Canada's No. 2 rail company after the firm won a proxy battle and ousted the majority of CP Rail's
board. He was originally brought on for a four-year term, with an option for an additional year.
"In seeing CP's rapid turnaround under Hunter's leadership, the Board was unanimous in wanting him to stay on until 2017 and we are extremely pleased he has accepted," said CP's Chairman Gary Colter in a statement.
Reporting by Euan Rocha, Editing by Franklin Paul