Who walks away from $118-million?
The answer, obviously, is former Canadian Pacific Railway CEO Hunter Harrison, who just gave up a generous retirement package, at the age of 72, to team up once again with fund manager Paul Hilal and attempt to turn around a rival railway, CSX Corp.
If you need a testimony to the wealth that can be generated by activist investors, look no further than Mr. Harrison. He's giving up the certainty of a pension, stock options and perks from CP. He's getting nothing guaranteed in return. Instead, Mr. Harrison is wagering, once again, on his ability to change an entrenched corporate culture, with backing from Mr. Hilal's newly launched activist fund, Mantle Ridge LP. Story
Davis tapped as Loblaw president under Weston
As an executive at Loblaw Cos. Ltd., Sarah Davis helped steer the company through some of its toughest times. Now she is being rewarded with a promotion to president of Canada's largest grocer and drugstore retailer.
Ms. Davis, 49, becomes the clear second-in-command at the company to Galen G. Weston. He became chief executive officer of Loblaw parent George Weston Ltd. in a wider management shuffle announced Thursday, and is now chairman and CEO of both companies.
Ms. Davis' promotion to Loblaw's president caught the attention of retail industry watchers, as she becomes the most senior woman in the executive ranks of the major grocers in Canada. Story
DAILY DEALS
A unit of private investment firm Starwood Capital Group said it would buy Canada's Milestone Apartments Real Estate Investment Trust in a deal valued at about $2.85-billion. Story
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