Tuesday, June 12, 2012

CP director steps down from post

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Canadian Pacific's Board of Directors, significantly revamped last month through a proxy battler led by New York-based Pershing Square Capital Management, continues to change as David Raisbeck now has resigned from the board, citing personal reasons.

CP announced the latest change to the board's makeup Monday. Raisbeck had served as a director since October 2009, serving on committees that included the Audit, Finance and Risk Committee, the Management Resources and Compensation Committee ,and the Pension Committee.

On May 25, CP CEO Fred Green and five other board members resigned from their posts, choosing not to stand for re-election, clearing the way for Pershing Square to place seven candidates on CP's 16-member board.

"David has served this Company well, investing his valuable time, talent and wisdom. The Board wishes to thank him for his many contributions to the Company and wishes him well in his future endeavours," said Paul Haggis, chairman of the still-evolving CP Board. Haggis last week was named chairman of the company.

CP said no plans were being made at this time to fill the vacancy.