Another Canadian Pacific executive resigns
(Reuters) - Canadian Pacific Railway Ltd said chief operations officer Mike Franczak resigned effective immediately, the latest top executive to leave Canada's second-largest railroad.
Franczak, who is also an executive vice president, has been with the company since 1987.
Canadian Pacific's Chief Executive Fred Green and Chairman John Cleghorn had quit in May after the management lost a proxy battle to activist shareholder William Ackman and his company, Pershing Square Capital Management.
Three board members resigned later.
The position of chief operations officer will not be replaced at this time, the company said on Monday.
Shares of the company, which has a market value of C$14.2 billion, closed at C$82.64 on the Toronto Stock Exchange on Monday.
(Reporting by Sandhya Vijayan in Bangalore; Editing by Sriraj Kalluvila)
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