Canadian Pacific says board member to step down

Mon Jun 11, 2012 8:50pm EDT
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(Reuters) - Canadian Pacific Railway, Canada's second-largest railroad whose CEO and chairman both quit last month after a bitter proxy battle, said board member David Raisbeck has decided to resign, citing personal reasons.

Raisbeck has been a director since October 2009 and served on various board committees. The vacancy caused by his departure would not be filled, the company said in a statement.

In May, Chief Executive Fred Green and Chairman John Cleghorn both quit after a boardroom coup, a rarity in Canada's conservative corporate culture, following a proxy battle with New York activist shareholder William Ackman.

Ackman, who is Canadian Pacific's largest shareholder with a 14 percent stake, had been campaigning since January to unseat Green, arguing that only new leadership could boost the railroad's operating efficiency.

(Reporting by Adithya Venkatesan in Bangalore; Editing by Richard Pullin)