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CP scoops Suncor's CFO

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Suncor Energy's (TSE:SU) (NYSE:SU) loss is Canadian Pacific Railway's (TSE:CP) (NYSE:CP) gain, as the rail company plucks the chief financial officer from the oil and gas firm's management team.

Bart Demosky will join CP Rail's executive team on Dec. 28 after being in the same role at Suncor since 2009. Last month, CP announced that current CFO Brian Grassby would retire after a year in that position and a dozen years at the company,

Demosky, who joined Suncor seven years ago, has a quarter-century of experience in strategy, finance and risk management. He will also hold the executive vice-president title at CP.

"Bart is arguably one of the top CFO's in Canadian business and we are thrilled that he will be joining our team," said CP's chief executive officer Hunter Harrison in a company statement.

Demosky's resignation from Suncor, which has not yet named a successor, will be effective the day prior to his start date at CP.

CP shares slid 0.3% to close at $160.71 on Thursday, while Suncor gave up three cents to finish at $36.52 on a light day of trading on the Toronto Stock Exchange.

Quick facts: Canadian Pacific Railway

Price: 340.19 CAD

TSX:CP
Market: TSX
Market Cap: $46.14 billion
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