Monday, April 16, 2012

We're inferior

...Never before in my career have I seen a board and management commission a study at shareholder expense and release it to the general public in an attempt to identify the company's weaknesses in order to prove its inferiority versus its competitors. We have said that CP has a culture of excuses that has interfered with its historic ability to execute. This board-commissioned consultant's report is Exhibit A for the need for culture change at CP.

Bill Ackman's Letter to the board of Canadian Pacific