CP's board elects Denham, Fatt; Ackman resigns

Canadian Pacific yesterday announced changes to its board, including the resignation of William Ackman and the appointment of Jill Denham and William Fatt.

The resignation of Ackman was expected after Pershing Square Capital Management L.P. announced last month that it was selling its interest in the Class I. Ackman, Pershing's chief executive officer, said he would remain on the CP board until its next annual meeting.

Ackman, who was a member of the board's finance and corporate governance and nominating committees, joined CP's board in 2012.

"Bill has been instrumental in CP's turnaround and his leadership will be missed at the board level," said CP Chairman Andrew Reardon in a press release. "His experience, energy, commitment and knowledge served the board well over the last four years and positions CP well for the future. With our focus on the future, we have added two new individuals who will bring a great deal of knowledge and passion to their roles."

Ackman led the effort to install new board members and then the recruitment of E. Hunter Harrison as CEO. Harrison was the former president and CEO of CP competitor CN.

"I am proud to have served alongside so many passionate and diligent board members, and to have worked with management and the entire CP team on one of the most successful turnarounds in North American corporate history," Ackman said in yesterday's press release.

Denham joins CP's board after serving a career in senior roles in the financial services industry. She was vice chair of retail markets at CIBC from 2001 through 2005, and managing director head of commercial banking and e-commerce at the bank from 1999 to 2001. Prior to that, she served CIBC in London as managing director head from 1995.

Fatt joins the CP board after serving as chairman and CEO of FRHI Hotels & Resorts from 1998 through July 2016. Prior to becoming CEO at FRHI, which was created from the merger of Fairmont Hotels & Resorts and Raffles Hotels & Resorts in 2006, Fatt was the CFO at Canadian Pacific Ltd. — the parent company of Fairmont's predecessor, Canadian Pacific Hotels as well as CP's operating company, Canadian Pacific Railway Co.