(The Canadian Press circulated the following article on February 23.)
CALGARY — After 11 years at the helm of Canadian Pacific Railway, chief executive Rob Ritchie will retire from Canada’s second-largest railroad at a time of unprecedented growth.
Ritchie will hand over the reins in May to Fred Green, who has been with CPR since 1978 and is currently president and chief operating officer.
The Calgary-based railway also announced yesterday that chairman Ted Newall will retire and be replaced by current director John Cleghorn, a former chief executive of Royal Bank. The news appeared to be well received by the market, with CPR stock rising $1.85 to $60.49 on the Toronto Stock Exchange.