This development could prove "interesting":
http://dealbook.nytimes.com/2012/01/13/ ... om-ackman/
Brief passage:
http://dealbook.nytimes.com/2012/01/13/ ... om-ackman/
Brief passage:
- OTTAWA — The Canadian National Railway publicly cautioned its former chief executive, E. Hunter Harrison, on Friday against participating in the hedge fund manager William A. Ackman’s plan to put him in charge of running the Canadian Pacific Railway, saying that would violate his employment contract.
Mr. Harrison is widely credited with turning Canadian National into one of North America’s most cost-efficient railways. But the directors of Canadian Pacific have rejected Mr. Ackman’s proposal to have him lead a similar transformation at that railroad, which lags behind Canadian National in efficiency.
Earlier this week, Mr. Ackman, whose firm, Pershing Square Capital Management, is the largest shareholder in Canadian Pacific, said he was planning a proxy battle to replace the company’s board in order to make Mr. Harrison the railroad’s chief executive.