June 4 Canadian Pacific Railway said
Paul Haggis has been elected chairman, three weeks after a
bitter proxy battle with New York activist shareholder William
Ackman led to top level resignations at Canada's second-biggest
Last month, Chief Executive Fred Green and Chairman John
Cleghorn both quit after a boardroom coup, a rarity in Canada's
conservative corporate culture.
Ackman, whose fund Pershing Square 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.
In February, Pershing had added Haggis, a well-respected
Canadian businessman, to its slate of nominees to sit on
Canadian Pacific's board.
For a timeline on the proxy fight click:
Haggis was previously the president and chief executive of
the Ontario Municipal Employees Retirement System (OMERS), and
president and CEO of Alberta Treasury Branches, Canadian Pacific
said in a statement on Monday.
He is currently chairman of the Alberta Enterprise
Corporation as well as of C.A. Bancorp Inc, the company said.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Chris