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Canadian Pacific Railway (CP-T) Chief Executive Fred Green struck back against William Ackman on Wednesday by insisting that the activist investor has no concrete plan to make the rail operator more efficient.
Ackman's Pershing Square Capital Management wants to replace Green with former Canadian National Railway (CNR-T) CEO Hunter Harrison. Pershing hosted a town hall-style meeting with investors and media in Toronto on Monday to build support for his proposals to shake up CP.
"Pershing Square continues to offer no plan or clear timetable for the improvement of CP's operations," Green wrote in a letter to employees.
Green argued that CP has been making progress on its own plan to boost performance.
Green also addressed Ackman's criticism of its 2008 acquisition of U.S. Class II railroad DM&E. On Monday Pershing called the deal a mistake, made at a high valuation with "irresponsible financing."
"The acquisition of the DM&E brought in a team of top-level railroaders and, most importantly, further extended the reach of CP into the U.S. Midwest, a vital part of our network," said Green.