Canadian Pacific (CP) Shares Higher as Ackman Looks to Tap Railroad Legend as Next CEO
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Shares of Canadian Pacific Railway (NYSE: CP) have pushed over the $65 level Friday morning following an earlier story from Toronto's The Globe and Mail which suggests Bill Ackman has recommended a seasoned industry vet be placed at the helm. The stock last traded at $67.02, up more than 3 percent from Thursday's close.
Ackman and his Pershinq Square hedge fund, which currently owns more than 14 percent of Canadian Pacific, want the retired exec who turned around Canadian National Railway (NYSE: CNI), Hunter Harrison, to replace current CEO Fred Green as the head of Canadian Pacific. According to The Globe and Mail, a source said Ackman and Harrison have discussed a possible coming-out-of-retirement party and Harrison is indeed interested.
Ackman's anxiousness may or may not be warranted. While Canadian Pacific shares are not exactly in the dumps on a historical basis (the stock is trading only about 15 points below the all-time high over $83), shares have underperformed most peers in the Railroad sector this year.
If Ackman's recent push to get Apple's (Nasdaq: AAPL) former retail guru Ron Johnson to the helm of JCPenney (NYSE: JCP) is any indication, Canadian Pacific’s Board – as well as shareholders – have a reason to be excited.
Ackman and his Pershinq Square hedge fund, which currently owns more than 14 percent of Canadian Pacific, want the retired exec who turned around Canadian National Railway (NYSE: CNI), Hunter Harrison, to replace current CEO Fred Green as the head of Canadian Pacific. According to The Globe and Mail, a source said Ackman and Harrison have discussed a possible coming-out-of-retirement party and Harrison is indeed interested.
Ackman's anxiousness may or may not be warranted. While Canadian Pacific shares are not exactly in the dumps on a historical basis (the stock is trading only about 15 points below the all-time high over $83), shares have underperformed most peers in the Railroad sector this year.
If Ackman's recent push to get Apple's (Nasdaq: AAPL) former retail guru Ron Johnson to the helm of JCPenney (NYSE: JCP) is any indication, Canadian Pacific’s Board – as well as shareholders – have a reason to be excited.
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