(The Canadian Press circulated the following article on February 22.)
CALGARY — Canadian Pacific Railway Ltd. says CEO Robert Ritchie plans to retire after the company’s annual meeting on May 5, along with chairman J.E. (Ted) Newall.
The CP Rail board said Wednesday it plans to appoint company president Fred Green as the chief executive. Green joined the firm in 1978.
Director John Cleghorn, former CEO of Royal Bank, is to become the next chairman.
Ritchie joined the former Canadian Pacific Ltd. in 1970 as a research analyst and moved to CP Rail in 1972. He was appointed president in 1990 and became chief executive in 1995.
“Rob led the company through a period of significant opportunities and challenges,” Newall said Wednesday.
“During his tenure, the CPR was able to rebuild its track network, increase its capacity, renew its locomotive fleet, revitalize its rolling stock, modernize its IT systems and evolve into one of the safest railways in North America.”
Newall said moving the headquarters to Calgary and the re-creation of the CPR as a stand-alone company after the breakup of Canadian Pacific Ltd. were also “significant accomplishments.”
“The value of those shares has more than doubled since the spinoff. It’s a track record Rob can be proud of and we thank him for his dedication, his vision and leadership.”
Newall joined the CP Ltd. board in 1996. He was appointed chairman of Canadian Pacific Railway Ltd. when it became a stand-alone, publicly traded company.