CP Rail extends CEO Hunter Harrison’s contract for extra year

|By:, SA News Editor

Canadian Pacific Railway (CP +1.2%) says it is extending the contract of CEO Hunter Harrison by an additional year until 2017.

The veteran of five decades in the rail business was brought on board to lead CP in June 2012 after a successful proxy battle waged by Bill Ackman.

Shortly after Harrison came on board, he made several changes which improved CP's operating ratio to 69.9% from 82.5% in its most recent fiscal year.