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CSAFE Global

 

FSA

CP CEO Canadian Pacific Railway Limited’s (TSX: CP) (NYSE: CP) Board of Directors and President and Chief Executive Officer Keith Creel have agreed on contract amendments to Mr. Creel’s incentive compensation that are intended to see him lead the Company until at least early 2026.

“Today’s announcement speaks to Keith’s leadership and bodes well for the continued long-term success of CP, to the benefit of its employees, customers, communities and shareholders,” said Chair of the Board, Isabelle Courville. “Furthermore, this solidifies Keith’s role in overseeing and leading the successful integration of CP with Kansas City Southern (KCS) and all of the benefits that transaction will bring.”

Earlier today, CP and KCS announced that they have entered into a merger agreement under which CP has agreed to acquire KCS in a stock and cash merger transaction, subject to the satisfaction of closing conditions. Following CP’s acquisition of KCS and Surface Transportation Board approval of the merger, Mr. Creel will serve as the Chief Executive Officer of the combined company.

Since Mr. Creel became CEO in 2017, CP’s share price has increased 150 percent. During that time, and now for 15 consecutive years, CP has remained the safest Class 1 railroad in North America as measured by Federal Railroad Administration-reportable train accident frequency.

“It is my honor to continue to serve alongside the entire CP family,” Creel said. “I look forward with great enthusiasm to what is ahead, especially to leading the combined CP/KCS entity. Our commitment to the fundamentals of precision scheduled railroading, to safety and sustainability, to our customers and the communities we serve, and to each other will remain steadfast and unwavering. We will not lose sight of what got us to this point and we are committed to writing the next chapter in the compelling story of these two great railroads.”

Prior to joining CP, Mr. Creel served in various operating roles at BN, Illinois Central and Canadian National, including serving as CN’s Executive Vice-President and Chief Operating Officer. Mr. Creel joined CP in February 2013 as President and Chief Operating Officer. On January 31, 2017, he assumed the role of CP’s President and CEO, becoming the seventeenth leader of the company since 1881.

Mr. Creel holds a Bachelor of Science in Marketing from Jacksonville State University. He also completed the Advanced Management Program at the Harvard Business School. Mr. Creel has a military background as a commissioned officer in the U.S. Army, during which time he served in the Persian Gulf War in Saudi Arabia. Recognized for his leadership at CP, he was named by Progressive Railroading as Railroad Innovator for 2014 and Railway Age as Railroader of the Year 2021.

This news release includes certain forward looking statements and forward looking information (collectively, FLI) to provide CP and KCS shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, including each company’s management’s respective assessment of CP, KCS and their respective subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to the following: the transaction; the combined company’s scale; financial growth; future business prospects and performance; future shareholder returns; cash flows and enhanced margins; synergies; leadership and governance structure; and office and headquarter locations.

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