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CN Rail cancels Hunter Harrison's pension

The board of CN Rail has voted unanimously to cancel the restricted stock units, future pension payments and other benefits of former CEO Hunter Harrison. The board says it believes Harrison breached his non-compete clause by aligning himself with hedge fund Pershing Square Capital in its proxy battle with Canadian Pacific Rail.

Pershing owns 14.2 percent of CP Rail and is leading a shareholder movement to install Harrison as the chief executive officer at CP.

Hunter Harrison tells BNN's Howard Green the move doesn't come as a surprise.

"Nothing new to me," Harrison says. "We're before the courts and the courts will decide" CTV Two CTV News CTV News Channel BNN - Business News Network CP24