CP CFO Demosky to step down at May's end

Canadian Pacific today announced that Executive Vice President and Chief Financial Officer Bart Demosky has decided to leave the railroad, effective May 31.

He agreed to remain in the position until then to help ensure a smooth transition while CP searches for his replacement. The decision to depart was made after careful consideration and much discussion with Chief Executive Officer E. Hunter Harrison, CP's board and his family, said Demosky in a prepared statement.

"It was a difficult decision to make as it comes at an exciting time in the evolution of the company, but it also comes at the right time for me to focus on my family and other opportunities," he said.

Demosky was appointed EVP and CFO in December 2013. He succeeded Brian Grassby, who retired. Prior to joining CP, Demosky was CFO for Suncor Energy Inc. He also held various other executive positions at Suncor, including senior VP of business services, and VP and treasurer.

"Bart is a key part of the senior management team, well-liked as an individual and widely respected as a leader and a professional. We thank him for his significant contributions to CP during his time with us and wish him well in his future endeavors," said Harrison.