Pershing names 7th CP Rail board nom
Pershing Square Capital Management named a railroad veteran as its seventh nominee for Canadian Pacific Railway’s board on Monday, heading off criticism that its proxy slate lacks experience in the sector.
The new addition is Stephen Tobias, who worked at Norfolk Southern Corp for some 40 years, including as chief operating officer and vice chairman. He is the first nominee with experience working at a railroad.
Activist investor William Ackman’s Pershing is CP’s biggest shareholder, and wants to replace its Chief Executive Fred Green with former Canadian National Railway CEO Hunter Harrison.
CP’s 15-member board has thrown its support behind Green. Last week Canada’s No. 2 railroad hosted a meeting for shareholders in Toronto, and criticized Pershing’s nominees for lacking railroad experience, among other things.
Pershing’s nominees include Ackman and his partner Paul Hilal, management consultant Gary Colter, energy executive Rebecca MacDonald, former Onex Corp executive Anthony Melman and Paul Haggis, former CEO of the Ontario Municipal Employees Retirement System, one of the country’s largest pension funds.
Shareholders will elect the new board at CP’s annual meeting on May 17.