Reuters: Private Equity: UPDATE 1-Canadian Pacific says Paul Haggis elected chairman

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UPDATE 1-Canadian Pacific says Paul Haggis elected chairman Jun 5th 2012, 03:43 Mon Jun 4, 2012 11:43pm EDT June 4 (Reuters) - Canadian Pacific Railway said Paul Haggis has been elected chairman, three weeks after a bitter proxy battle with New York activist shareholder William Ackman led to top level resignations at Canada's second-biggest railroad. Last month, Chief Executive Fred Green and Chairman John Cleghorn both quit after a boardroom coup, a rarity in Canada's conservative corporate culture. Ackman, whose fund Pershing Square is Canadian Pacific's largest shareholder with a 14 percent stake, had been campaigning since January to unseat Green, arguing that only new leadership could boost the railroad's operating efficiency. In February, Pershing had added Haggis, a well-respected Canadian businessman, to its slate of nominees to sit on Canadian Pacific's board.

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