Canadian Pacific Railway says Mike Franczak, executive vice-president and chief operations officer, is stepping down after 25 years with the company.
The company said Monday his resignation is effective immediately and his position is not being replaced at this time. "I wish to congratulate Mike on his distinguished career and thank him for his 25 years of dedication to CP and its customers," said CEO Hunter Harrison.
Harrison took the helm at the railway this summer after a bruising shareholder battle.
Harrison, 67, is the former CEO of Canadian National Railway and is credited with turning CN into one of North America's most successful railways.
New York hedge fund Pershing Square Capital Management became the largest shareholder of Canadian Pacific last year, touching off a bitter months-long battle that resulted in the departure of the railway's chief executive, its chairman and several directors. Harrison had said the railway could cut expenses as a percentage of revenues to the mid-60 per cent range in four years. - CP
