Who’s on the move: September 19, 2016

Canadian Pacific Railway Limited announced changes to its Board of Directors, including the appointment of Jill Denham and William R. Fatt, and the resignation of Bill Ackman, effective immediately. Ackman, who was a member of the Finance and Corporate Governance and Nominating Committees, joined the board in 2012. Denham joins the CP board after a career spent in senior roles in the financial services industry. She was the Vice Chair Retail Markets at CIBC from 2001 through 2005 and the Managing Director Head of Commercial Banking and E-Commerce at the bank from 1999 to 2001. Denham currently serves as Chair of the Board at Morneau Sheppell and at Munich Reinsurance Canada. Fatt joins the CP board after serving as the Chairman and CEO of FRHI Hotels & Resorts from 1998 through July 2016. Prior to becoming CEO at FRHI, which was created from the merger of Fairmont Hotels & Resorts and Raffles Hotels & Resorts in 2006, Mr. Fatt was the CFO at Canadian Pacific Ltd. – the parent company of Fairmont’s predecessor, Canadian Pacific Hotels as well as CP’s operating company, Canadian Pacific Railway Co.

Canadian Pacific’s Executive Vice-President and Chief Financial Officer Mark Erceg has stepped down from the position of CFO. Erceg will be returning to the US to assume the role of CFO at a U.S.-based NYSE-listed company where his responsibilities will include not only Finance but Information Systems. Nadeem Velani has been appointed interim Vice-President and CFO. Velani joined CP in March 2013 and most recently served as Vice-President Investor Relations. Prior to CP, Velani spent 15 years at Canadian National Railway Co. where he worked in a variety of positions in Financial Planning, Sales and Marketing and Investor Relations.