CP also said that Brian Grassby, currently senior vice president and CFO, would retire at year-end.
Demosky joins CP from Suncor Energy, where he had been CFO since 2009, CP said Nov. 29. He will be a member of the senior management team responsible for helping plan the long-term strategic direction of the company. Other responsibilities will include financial planning, reporting and accounting systems as well as pension, treasury and tax.
“Our search for a new CFO began when Brian informed us of his decision to retire at the end of the year,” said CEO E. Hunter Harrison. “This was the most comprehensive North American CFO search process in my career, as management and the Board recognized the importance of bringing in someone with the breadth of business experience and financial talent required to help lead this organization forward. In Bart Demosky, we believe we have found that individual. Bart is arguably one of the top CFO’s in Canadian business and we are thrilled that he will be joining our team.”
“The transformation of CP, one of Canada’s most iconic organizations, is without question one of the most successful turnaround stories in Canadian history," said Demosky. “I am honored and excited by this opportunity to work alongside Hunter Harrison and the CP team and lead the finance organization as we continue the incredible progress that has already begun.”