CP CFO resigns, Velani named to interim post

Nadeem Velani, current vice-president of investor relations at Canadian Pacific Railway, will replace Mark Erceg as chief financial officer on an interim basis, according to a statement from the company.    Canadian Pacific Railway Ltd. Executive Vice-President and Chief Financial Officer Mark Erceg has resigned from his position, effective Sept. 9, according to a statement from the company.
   Nadeem Velani, current vice-president of investor relations of the Calgary-based Class I railroad, will replace Erceg as CFO on an interim basis. Prior to joining CP in 2013, Velanni worked in a variety of positions in the financial planning, sales and marketing, and investor relations divisions at rival Canadian National Railway Co.
   News of Erceg’s resignation comes less than a week after CP announced changes to its board of directors that included the stepping down of billionaire activist investor Bill Ackman, who won a proxy fight in 2012 to install new leadership at the railroad. Ackman’s investment fund, Pershing Square Capital Management, said last month it would sell its 9.8 million shares in CP, valued at an estimated $1.44 billion.
   In July, the company reached an agreement with current Chief Operating Officer Keith Creel to serve as its next Chief Executive Officer following the retirement of E. Hunter Harrison on July 1, 2017.
   “While this was a difficult decision for me to make, I am truly proud of the work we have done in my tenure at CP,” said Erceg. “Leaving at this time to pursue this exciting new opportunity is the right decision and I know CP, under the leadership of Hunter Harrison and Keith Creel, is well positioned for continued success.”
   “Mark was a big part of CP’s senior leadership team and will be missed,” added Harrison. “We wish him and his family well in their future endeavors and look forward to working closely with Nadeem as he assumes the role of CFO on an interim basis.”