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Yesterday, Canadian Pacific announced it appointed Brian Grassby senior vice president and chief financial officer, effective Nov. 1. He will succeed Kathryn McQuade, who informed the railroad she plans to retire from her CFO role on Nov. 1. McQuade will serve as a senior adviser to Grassby until her contract expires in May 2013 to help ensure a successful transition, CP officials said in a prepared statement.

Grasby joined CP in 2001 as VP and comptroller. He previously spent more than 14 years in financial roles at a large Canadian electronics firm.

"My decision to retire at this time reflects my belief that a CFO should have a long-term commitment to the company. Brian is ready to take the reins, and his deep financial expertise and continuity of leadership will drive overall financial strength and shareholder value as the company enters this significant period of change," said McQuade. "Brian and I have been working on transition plans and with our new CIO, Mike Redeker, in place, now is an appropriate time for me to shift my role to an advisory position."

McQuade joined CP in 2007 as executive VP and chief operating officer and became EVP and CFO in September 2008. She previously served Norfolk Southern Corp. in various capacities for 27 years.

"It has been a great privilege for Canadian Pacific to have benefited from Kathryn's leadership and I thank her for her numerous contributions," said CP President and Chief Executive Officer E. Hunter Harrison. "She has arguably been one of the top CFO's in the industry for many years and we are sad to see her go."