20 December 2008
CPR Chief Takes Pay Cut; No Bonuses for 2008
| |
Fred Green.
|
Calgary Alberta - Fred Green, Canadian Pacific Railway
Ltd.'s chief executive officer, is reducing his salary next year by 5 percent while other top executives will see their salaries
frozen.
CPR, which confirmed this week that it's cutting 600 union jobs this winter, also won't be issuing bonuses for 2008.
The bonus formula for 2009 will incorporate "our success in variable cost containment", Mr. Green told staff in a memo.
The freight carrier is committed to "safety and our determination to position CP for success coming out of the current
recession", he said.
Mr. Green named Judy Harrower-Stamm, CPR vice-president of bulk, to help oversee cost-cutting
measures.
CP (TSX) fell $1.48 to $39.75.
|
