CP news: Ritchie and Newall to retire in May; Green to become CEO and Cleghorn to assume chairmanship (2/22/2006)
2/22/2022In May, a new top executive will take the reins at Canadian Pacific Railway, which will become the third Class I since November to install a chief executive officer.
Today, CP announced CEO Rob Ritchie will retire following the railroad's annual meeting on May 5, ending his 11-year tenure as top exec. CP's board intends to appoint President and Chief Operating Officer Fred Green CEO after the meeting.
Since joining Canadian Pacific Ltd. in 1970 as a research analyst and moving to CP in 1972, Ritchie, 61, has served as general manager of marketing and sales-Pacific Region, vice president of marketing and sales, and executive vice president. In 1990, he was named president — a title he held until last November, when Green assumed the position. Ritchie became CEO in 1995.
"Rob led the company through a period of significant opportunities and challenges," said CP Chairman Ted Newall — who also plans to retire in May — in a prepared statement. "During his tenure, CP was able to rebuild its track network, increase its capacity, renew its locomotive fleet, revitalize its rolling stock, modernize its IT systems and evolve into one of the safest railways in North America. We thank him for his dedication, vision and leadership."
Since joining CP in 1978, Green, 49, has served as general manager of the Canadian Atlantic Railway and GM of prairie operations; vice president of numerous departments, including marketing, merchandise, and yield and asset performance; senior VP of marketing and sales; executive VP of operations and marketing; and EVP and COO.
"Fred has a record of strong leadership in the organization," said Ritchie. "He knows our business from the shipper with a product to move through to the train crew who delivers it at destination."
CP's board also announced it intends to name Director John Cleghorn chairman to succeed Newall after the May meeting. Newall has served as chairman since 2001, when CPR became a stand-alone, publicly traded company.
In November, Wick Moorman succeeded David Goode as Norfolk Southern Corp.'s CEO; in January, James Young succeeded Dick Davidson as Union Pacific Railroad's top exec.
Source: Progressive Railroading Daily News