Canadian National Reaches Settlement with Canadian Pacific Related to Former CEO Harrison; Creel Joining CP
Upon Executive Vice-President and Chief Operating Officer, Keith Creel, announcing that he will join Canadian Pacific Railway Company (NYSE: CP) as its President and Chief Operating Officer, CN (NYSE: CNI) stated today that it had settled its differences with CP and its former CEO Hunter Harrison. The settlement ends the outstanding litigation between CN and CP before the Federal Court in Chicago, Illinois. As part of the settlement, CP has undertaken not to hire certain CN employees until December 31, 2016. Other terms of the settlement remain confidential.
As a leader in the North American rail industry, CN has a deep bench of executive talent and will be announcing shortly a replacement to Keith Creel as Executive Vice-President and Chief Operating Officer.
CEO Claude Mongeau said: "We wish Keith success in his new role and are pleased to turn the page with respect to the matter of CP's hiring of CN's former CEO, Hunter Harrison. The settlement arrived at today will allow CN and CP to focus on their respective agendas and create value for their customers and shareholders."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.