Ackman Canadian Pacific Proxy Challenge Tied to Rival Ex-CEO
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William Ackman’s plan to wage a proxy fight to install a new chief executive officer at Canadian Pacific Railway Ltd. pivots on the legacy of the CEO who once led the carrier’s larger rival.
New directors “supportive of a change in leadership” would back the hiring of Hunter Harrison, the retired Canadian National Railway Co. chief, Ackman said yesterday in an interview. His Pershing Square Capital Management LP is Canadian Pacific’s biggest shareholder.