Creel worked with Harrison at Canadian National. “I’m a hired hand”. “I don’t know how often I’ll be called upon”. “In four years we have gone from an industry laggard to an industry leader”. In the second quarter of 2016, the intermodal traffic expressed in containers and trailers went down by ~8% on a year-over-year basis.
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Canadian Pacific has finalized its plan to replace Chief Executive Hunter Harrison when he retires from the railroad next summer.
On Wednesday, it said it had 12,033 employees as of June 30, down 700 from the start of the year and off about 2,100 from 12 months earlier. Creel, 48, who is also the carrier’s president, took over temporarily past year while Harrison recovered from leg surgery. However, the majority of the company’s expenses are denominated in Canadian dollars.
CALGARY, Alberta (AP) _ Canadian Pacific Railway Ltd. (CP) on Wednesday reported second-quarter earnings of $254.5 million. Revenue dropped 12.2 percent to C$1.45 billion.
Based on declines in revenues, operating income and net income, CP’s second-quarter diluted earnings per share (EPS) were $2.15, or $2.05 on an adjusted diluted EPS basis, 9% lower than the prior-year quarter’s $2.36 diluted EPS and 16% lower than last year’s $2.45 adjusted diluted EPS.
The announcement came hours after CP issued a separate statement saying that one of its board of directors has resigned, days after he lost an appeal of gross negligence penalties for not reporting $18.85 million of taxable income from dividends.
Canadian Pacific’s results were consistent with the outlook that the company provided last month.
In its ruling, the court said Melman has pursued a civil claim against his accountants for compensation.
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He is a former managing director of Onex Corp. and a former senior vice-president of CIBC, according to documents filed with regulators.
