Canadian Pacific (CP) has issued an update.
John Orr has stepped down from his role at Canadian Pacific Kansas City Limited to join Norfolk Southern Corporation, effective March 19, 2024. His previous employer has agreed to waive certain obligations, including repayment of relocation costs and a non-compete clause, in exchange for a $25 million payment from Norfolk Southern. This agreement also includes stipulations to prevent solicitation and hiring of key Canadian Pacific employees and outlines commercial agreements to ensure traffic flow continuity for the Corporation. This executive transition was publicly announced by the Corporation the following day.
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