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CP brings on former CN exec, settles hiring dispute with CN

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Canadian Pacific (TSE:CP) (NYSE:CP) on Monday added another former Canadian National Railway Co. (TSE:CNR)(NYSE:CNI) executive to its ranks with the appointment of Keith Creel as its new president and COO.

Creel, who previously served as CN’s executive VP and COO, will join CP effective February 5, and will work alongside former CN chief Hunter Harrison – who is currently the CEO of Canadian Pacific.

"Keith joins CP after a very successful operating career where he rose from a management trainee in the operations department at Burlington Northern in 1992 to becoming executive VP and COO at CN in 2010," said Harrison. 

Creel said he is “thrilled” to join CP and again work with Harrison as the company works to turn itself around. 

“I am confident that together, we will continue down the path that has already begun to restore superior customer service and operational excellence at CP."

Canadian Pacific is a transcontinental railway in Canada and the U.S. with direct links to eight major ports, including Vancouver and Montreal. 

In other news Monday, with the appointment of Creel, CN and CP said they have ended an outstanding litigation regarding CP's hiring of Harrison. 

As part of the settlement, CP has agreed not to hire certain CN employees until December 31, 2016. Other terms of the settlement remain confidential.

CN said it will soon be announcing a replacement to Creel as executive VP and COO.

"We wish Keith success in his new role and are pleased to turn the page with respect to the matter of CP's hiring of CN's former CEO, Hunter Harrison,” said CN’s CEO Claude Mongeau.

“The settlement arrived at today will allow CN and CP to focus on their respective agendas and create value for their customers and shareholders."

Canadian National Railway and its operating railway subsidiaries span Canada and mid-America. 

Shares of CN were down 0.19 per cent as at about 11:50 a.m. EDT, trading at $95.52, while CP’s shares fell 1.19 per cent to $114.40.

 

Quick facts: Canadian Pacific Railway

Price: 347.35 CAD

TSX:CP
Market: TSX
Market Cap: $47.11 billion
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