CALGARY, Alta.– Robert J. Ritchie, Canadian Pacific Railway’s colorful and long-time CEO, plans to retire following the company’s annual general meeting on May 5th, 2006, the railway’s board of directors announced today.
Ritchie joined Canadian Pacific Ltd. in 1970 as a research analyst, and moved to CPR in 1972. He was promoted through increasingly responsible positions. He was appointed President in 1990 and added Chief Executive Officer to his responsibilities in 1995. The CPR Board also announced its intention to appoint COO Fred Green as Chief Executive Officer following the annual general meeting in May 5.
“Rob led the company through a period of significant opportunities and challenges,” said Ted Newall, Chairman of the Board. “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. The move of the headquarters to Calgary and the recreation of the CPR as a stand alone company with its own share structure were also significant accomplishments. The value of those shares has more than doubled since the spin-off. It’s a track record Rob can be proud of and we thank him for his dedication, his vision, and leadership.”
Newall himself will also be retiring from his position as chairman of the board following the annual general meeting.
Newall joined the Board of Canadian Pacific Limited in 1996. He was appointed to the position of Chairman of the Board of Canadian Pacific Railway Limited when CPR became a stand-alone, publicly traded company.
Speaking on behalf of the Board, Director John Cleghorn said, “Ted has been a strong leader for this Board. He has had a very clear vision from the time of the spin-off of a Board with strong governance principles and he has firmly guided its development towards that vision. His wise counsel and leadership have been key to ensuring that Canadian Pacific Railway continues to prosper after 125 years.”
The Board announced that it intends to appoint Mr. Cleghorn Chairman of the Board.
Green joined CPR in 1978 and has worked from coast to coast in positions throughout Operations and Marketing.
He was named President in November 2005 and has led multiple initiatives that have significantly improved the fluidity of the railway.
“Fred has a record of strong leadership in the organization. He knows our business from the shipper with a product to move through to the train crew who delivers it at destination,” said Ritchie.”