Colter replaces Paul G. Haggis, who concluded his term as chairman but will continue to serve as a director and joins the Audit and Finance Committees. Both Colter and Haggis have served on the CP board for two years, the company said.
"It has been my pleasure to have served as chairman of the new CP," said Haggis. "I'm delighted that Gary has been elected chairman, and I know he will continue to provide excellent leadership for the important work that CP is doing."
Colter is the president of CRS Inc., a corporate strategy and restructuring firm, which he founded in 2002. He was previously with KPMG Canada, for 34 years, retiring as vice chairman in 2002. In addition to CP, Colter is a director of CIBC, Owens-Illinois, Core-Mark ,and Revera.
"I am very proud and honoured to be elected by the Board as Chairman of CP, and on behalf of my fellow board members, I would like to thank Paul for his strong leadership," said Colter. "The CP Board remains committed to working with management and the Canadian Pacific team and all stakeholders, as the company continues to move forward with its exciting transformational journey."