Canadian Pacific board member Tony Ingram resigns
TORONTO, July 6 |
TORONTO, July 6 (Reuters) - Canadian Pacific Railway board member Tony Ingram resigned on Friday, seven weeks after a bitter proxy battle led to the resignations of the top executives at Canada's second-largest railroad company.
Ingram is the latest member of the old CP board to step down, after the bruising proxy battle between old management and activist shareholder William Ackman and his company, Pershing Square Capital Management.
Chief Executive Fred Green and Chairman John Cleghorn quit in May and board members Rick George and David Raisbeck resigned last month.
All seven members of Ackman's slate were elected to Canadian Pacific's board at an annual shareholder meeting on May 17. In addition to Cleghorn and Green, four other directors opted not stand for re-election on that day.
The company has named Hunter Harrison, Ackman's preferred candidate and the former chief executive of rival railroad Canadian National Railway, to replace Green.
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