Newspaper article The Canadian Press

CP: Harrison Gave Up $118 Million in Payments, Benefits to Leave Company Early

Newspaper article The Canadian Press

CP: Harrison Gave Up $118 Million in Payments, Benefits to Leave Company Early

Article excerpt

CP CEO gave up $118 million to leave early

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CALGARY - Canadian Pacific Railway has revealed terms of a new employment agreement that it negotiated with outgoing chief executive Hunter Harrison, who agreed to forfeit $118 million of benefits and payments and to sell all of his CP shares by May 31.

Documents filed with securities regulators show that Harrison, 72, has also agreed that he won't seek to work for Montreal-based rival Canadian National Railway or for two large U.S. railways -- BNSF or Union Pacific -- for about three years.

Harrison would also be prevented from hiring or soliciting any CP employee above the rank of manager, other than the company's chief of staff, and remain bound by restrictions on sharing confidential information.

However, the non-compete clauses in Harrison's revised employment agreement with CP (TSX:CP) wouldn't prevent him from working for Florida-based railroad CSX, whose chairman and CEO Michael Ward has said he plans to retire in 2019. …

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