Senior management changes at CP continue

Guido De Ciccio, senior vice president, Operations Western Region at Canadian Pacific, is retiring after 40 years with the Calgary-based Class I railroad, CP said in a statement.    Senior management changes at Canadian Pacific Railway Corp. (CP) continued last week with the retirement of Guido De Ciccio, senior vice president, Operations Western Region.
   De Ciccio is stepping down from his post after 40 years with the Calgary-based Class I railroad, CP said in a statement.
   He will be replaced by current Vice President, Operations Western Region Mark Redd. Redd joined CP in October 2013 after over 20 years at Kansas City Southern Railway.
   “After 40 excellent years with the company, it is time to embrace the next phase of my life and make way for the next generation of railroaders at CP,” De Ciccio said of the move. “CP has transformed for the better under the leadership of Hunter Harrison and I am grateful for his mentorship. While I am excited about the future, I will always look back on my time at CP with great fondness and appreciation.”
   The news follows last week’s announcement that billionaire activist investor Bill Ackman, founder and chief executive officer of investment fund Pershing Square Capital Management, had resigned from the CP board of directors and the company had appointed Jill Denham and William R. Fatt as new members. Pershing Square said last month it would sell its 9.8 million shares in CP, valued at an estimate of $1.44 billion.
   Shortly after joining the board in 2012 after Pershing Square’s acquisition of a 14.2 percent stake in the company, Ackman won a proxy fight to install new management at the railroad, including current CEO E. Hunter Harrison.
   Harrison, who took over CP at a time when it was the worst performing Class I in North America and is widely credited for the company’s dramatic turnaround, will retire on July 1, 2017 and be replaced by President and Chief Operating Officer Keith Creel.
   “I congratulate Guido on his 40 years of loyal service and thank him for his leadership and extraordinary commitment to CP,” said Harrison. “I also thank Guido for his friendship; it was a unique pleasure to work alongside a railroader with a vintage in the industry close to mine and I wish him well in all his future endeavors.”
   “Since the day I arrived at CP, I have enjoyed a strong working relationship and personal friendship with Guido,” added Creel. “His passion and enthusiasm for railroading was infectious. While he will be sorely missed, we are delighted to give Mark an opportunity to step up and continue to deliver superior service for our customers, employees and shareholders.”