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Canadian Pacific CFO Steps Down; Velani Named Interim CFO
Canadian Pacific Railways Limited (CP - Free Report) , based in Calgary, Canada, announced that its Chief Financial Officer (CFO) and Executive Vice-President, Mark Erceg, has resigned. The company has appointed Nadeem Velani as the interim Vice President and CFO. Velani will take up this role, effective from Sep 9, 2016.
Erceg is expected to return to the U.S. and join a NYSE-listed company in the nation. As part of his new role, Erceg will be responsible for the Finance and Information Systems divisions.
Velani, on the other hand, has been associated with Canadian Pacific since Mar 2013. He was currently serving in the capacity of the company’s Vice President Investor Relations. Velani has years of experience in the railway industry. He has served various roles in Financial Planning, Sales and Marketing and Investor Relations at Canadian National Railways Co. (CNI - Free Report) for fifteen years before joining Canadian Pacific.
Changes to the Board
The resignation of Canadian Pacific’s CFO comes on the heels of the company’s announcement of a change in its board of directors. Bill Ackman recently resigned from the company’s board after his fund – Pershing Square – sold its entire stake in Canadian Pacific. The company appointed Jill Denham and William R. Fatt as the new directors after Ackman’s resignation. Notably, Ackman had been instrumental in the positive turnaround Canadian Pacific has seen in the past four years.
Zacks Rank and Stocks to Consider
Canadian Pacific currently carries a Zacks Rank #3 (Hold). Investors interested in the broader transportation sector may consider stocks like Air Transport Services Group Inc. (ATSG - Free Report) and Gaslog Partners LP . Both these stocks carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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