Tuesday, January 24, 2012
After BC Rail, CN said in its lawsuit that Mr. Harrison’s move to CP would be “devastating.”
BC Mary comment: Looks to me as if BC Rail made a vital difference to CN's success ... but Hunter Harrison is still keen on "railroading" upcoming events ...
‘Co-production’ with CP not vital to CN
brent jang AND jacquie mcnish
Globe and Mail - Jan. 24, 2012
Canadian National Railway Co. (CNR-T75.86-3.74-4.70%) is playing down the importance of reaching new co-operation deals with rival Canadian Pacific Railway Ltd., (CP-T70.56-0.90-1.26%) saying future pacts will only have a modest impact on reducing freight bottlenecks.
Hunter Harrison, CN’s former chief executive officer who is being touted by a U.S. hedge fund as the logical choice to become CP’s new CEO, is a proponent of “co-production,” the industry term for competitors working together along certain stretches of track in order to move goods more efficiently.
More related to this story:
CP turnaround can be dramatic, Harrison vows
CN suspends Hunter Harrison’s pension payments
CN muscles in on CP’s potash deal
Canadian National Railway (CNR-T)
75.86 -3.74 -4.70%
As of Jan 24, 2012 4:00
But CN chief operating officer Keith Creel said Tuesday that CN and CP have already made breakthroughs in sharing tracks to speed up rail shipments. {Snip .... }
Since 2004, Canada’s two largest railways have been co-operating on the West Coast as the Port of Vancouver gets ever busier. Between Vancouver to Kamloops, B.C., freight destined for the Port of Vancouver moves along CN tracks while goods headed toward Alberta are transported on CP lines.
CN chief executive officer Claude Mongeau, who replaced Mr. Harrison as CN’s CEO on Jan. 1, 2010, said it’s best for CN and CP to remain vigorous competitors. “The best hockey or sports franchise really get to their full potential when they meet a strong opponent. So, we’re all for a strong CP and we wish them well,” he said.
Mr. Mongeau commented after CN announced that it will be raising its dividend by 15 per cent, buoyed by an 18-per-cent jump in its fourth-quarter profit. CN will raise its quarterly dividend by 5 cents to 37.5 cents a share, to be paid March 30.
Canada’s largest railway reported that its profit for the three months ended Dec. 31 climbed to $592-million from $503-million in the same period of 2010. CN’s adjusted share profit in the latest quarter of $1.30 exceeded analysts’ expectations.
For the full 12 months of 2011, CN posted a $2.46-billion profit, up 17 per cent from $2.1-billion in 2010. All of CN’s commodity groups thrived on revenue increases in 2011, including metals, intermodal and grain.
CN said it is targeting annual growth of up to 10 per cent in diluted earnings per share, “despite significant headwinds from additional pension expense of about $120-million in 2012.”
In the latest sparring between Pershing Square Capital Management LP and CP, Mr. Harrison said Tuesday that he expects to achieve “just as dramatic a turnaround” at CP as he did at CN. “I've been a railroader since I was 19 years old. I love the industry, the people in it, its culture and the role we play in connecting customers and communities,” he said. “Together, we can transform CP into the railroad its customers, employees and shareholders deserve. I would be proud to help lead CP to that victory.”
His remarks were made in a Pershing Square statement that outlined its proposed alternative slate of directors at CP.
CN took the unusual step on Monday of suspending Mr. Harrison’s lucrative retirement benefits after the railway filed a legal claim that its former CEO had breached a non-compete agreement by teaming up with Pershing Square to campaign for the top job at CP. Underlining the historic and often bitter rivalry between the two railways, CN said in its lawsuit that Mr. Harrison’s move to CP would be “devastating.”
~~~~~~~~~~~~~
‘Co-production’ with CP not vital to CN
brent jang AND jacquie mcnish
Globe and Mail - Jan. 24, 2012
Canadian National Railway Co. (CNR-T75.86-3.74-4.70%) is playing down the importance of reaching new co-operation deals with rival Canadian Pacific Railway Ltd., (CP-T70.56-0.90-1.26%) saying future pacts will only have a modest impact on reducing freight bottlenecks.
Hunter Harrison, CN’s former chief executive officer who is being touted by a U.S. hedge fund as the logical choice to become CP’s new CEO, is a proponent of “co-production,” the industry term for competitors working together along certain stretches of track in order to move goods more efficiently.
More related to this story:
CP turnaround can be dramatic, Harrison vows
CN suspends Hunter Harrison’s pension payments
CN muscles in on CP’s potash deal
Canadian National Railway (CNR-T)
75.86 -3.74 -4.70%
As of Jan 24, 2012 4:00
But CN chief operating officer Keith Creel said Tuesday that CN and CP have already made breakthroughs in sharing tracks to speed up rail shipments. {Snip .... }
Since 2004, Canada’s two largest railways have been co-operating on the West Coast as the Port of Vancouver gets ever busier. Between Vancouver to Kamloops, B.C., freight destined for the Port of Vancouver moves along CN tracks while goods headed toward Alberta are transported on CP lines.
CN chief executive officer Claude Mongeau, who replaced Mr. Harrison as CN’s CEO on Jan. 1, 2010, said it’s best for CN and CP to remain vigorous competitors. “The best hockey or sports franchise really get to their full potential when they meet a strong opponent. So, we’re all for a strong CP and we wish them well,” he said.
Mr. Mongeau commented after CN announced that it will be raising its dividend by 15 per cent, buoyed by an 18-per-cent jump in its fourth-quarter profit. CN will raise its quarterly dividend by 5 cents to 37.5 cents a share, to be paid March 30.
Canada’s largest railway reported that its profit for the three months ended Dec. 31 climbed to $592-million from $503-million in the same period of 2010. CN’s adjusted share profit in the latest quarter of $1.30 exceeded analysts’ expectations.
For the full 12 months of 2011, CN posted a $2.46-billion profit, up 17 per cent from $2.1-billion in 2010. All of CN’s commodity groups thrived on revenue increases in 2011, including metals, intermodal and grain.
CN said it is targeting annual growth of up to 10 per cent in diluted earnings per share, “despite significant headwinds from additional pension expense of about $120-million in 2012.”
In the latest sparring between Pershing Square Capital Management LP and CP, Mr. Harrison said Tuesday that he expects to achieve “just as dramatic a turnaround” at CP as he did at CN. “I've been a railroader since I was 19 years old. I love the industry, the people in it, its culture and the role we play in connecting customers and communities,” he said. “Together, we can transform CP into the railroad its customers, employees and shareholders deserve. I would be proud to help lead CP to that victory.”
His remarks were made in a Pershing Square statement that outlined its proposed alternative slate of directors at CP.
CN took the unusual step on Monday of suspending Mr. Harrison’s lucrative retirement benefits after the railway filed a legal claim that its former CEO had breached a non-compete agreement by teaming up with Pershing Square to campaign for the top job at CP. Underlining the historic and often bitter rivalry between the two railways, CN said in its lawsuit that Mr. Harrison’s move to CP would be “devastating.”
Read more about CN HERE:
http://www.theglobeandmail.com/globe-investor/co-production-with-cp-not-vital-to-cn/article2312731/
http://www.theglobeandmail.com/globe-investor/co-production-with-cp-not-vital-to-cn/article2312731/
Comments:
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And there you have it people. Moving Harrison in is the prelim for merging the two companies.
There are many options in this province and at the forefront is having CN utilize the Railway we paid them to take off our hands. It is really shocking how the use of our tracks has depleted after Campbell said he wouldn't sell our railway.
There are many options in this province and at the forefront is having CN utilize the Railway we paid them to take off our hands. It is really shocking how the use of our tracks has depleted after Campbell said he wouldn't sell our railway.
Gary E. said:
" ... There are many options in this province and at the forefront is having CN utilize the Railway we paid them to take off our hands. It is really shocking how the use of our tracks has depleted after Campbell said he wouldn't sell our railway."
Gary, I pay attention when you talk about the current state of BCRail because there are so few of us who have any way of knowing first-hand.
What's going on with the old BCRail trackage and freight operation these days? What did you mean by the "many options in this province ... etc."
I have the feeling there's more you'd like to say, in the quote above. Go ahead. We're all ears.
" ... There are many options in this province and at the forefront is having CN utilize the Railway we paid them to take off our hands. It is really shocking how the use of our tracks has depleted after Campbell said he wouldn't sell our railway."
Gary, I pay attention when you talk about the current state of BCRail because there are so few of us who have any way of knowing first-hand.
What's going on with the old BCRail trackage and freight operation these days? What did you mean by the "many options in this province ... etc."
I have the feeling there's more you'd like to say, in the quote above. Go ahead. We're all ears.
Sounds like the BC Citizens' stolen railroad will do just fine when it's returned.
Next will be putting those in jail that belong there.
Next will be putting those in jail that belong there.
# posted by 
: January 25, 2012 at 5:47 a.m.
: January 25, 2012 at 5:47 a.m.
Unrelated, maybe, but very interesting...
http://www.theprovince.com/news/Secretive+Vancouver+drug+murder+trial+shuts+doors+public+again/6045765/story.html
http://www.theprovince.com/news/Secretive+Vancouver+drug+murder+trial+shuts+doors+public+again/6045765/story.html
The reason that Hunter Harrison got away with robbery last time and will succeed in merging these three great railways this time is that he has the go-ahead from the City, who are moving to consolidate delivery and logistics systems in western Canada as part of their let's lean East policy.
It seems to me at least that understanding what-all has been happening here probably depends on our having the wherewithal to reveal who David Maclean and Hunter Harrison work for, and why? In neither man's case was the really nasty skullduggery about money. Hunter walked away from a gold-plated pension like it was old news and headed straight across to the boardroom of his supposed rival. This career move on hunter harrison's part is a conflict of interest so large and egregious that surely someone somewhere will do something, right?
It seems to me at least that understanding what-all has been happening here probably depends on our having the wherewithal to reveal who David Maclean and Hunter Harrison work for, and why? In neither man's case was the really nasty skullduggery about money. Hunter walked away from a gold-plated pension like it was old news and headed straight across to the boardroom of his supposed rival. This career move on hunter harrison's part is a conflict of interest so large and egregious that surely someone somewhere will do something, right?
# posted by : January 25, 2012 at 9:52 p.m.
: January 25, 2012 at 9:52 p.m.
We have to get above these sorts of guys, who are merely execute-elves--like "Claude Mongeau, our President and Chief Executive Officer; Luc Jobin, Executive Vice President and Chief Financial Officer; Mr. Keith Creel, Executive Vice President and Chief Operating Officer; and JJ Ruest, Executive Vice President and Chief Marketing Officer."
There is a board of directors above them and it is around that table that final decisions are taken and plans are put-paid into existence. Those people who sit up there (and the ones they represent as proxies) are the ones who are driving this agenda to consolidate railway logistics into a functioning asset of the north american union.
Who makes up the board of directors at CN headquarters--? Consider who was in charge and doing the dealing in the following instance (which was taken from their 4Q shareholders teleconference): "As many of you already know, CN's Board of Directors yesterday decided to suspend certain payments and benefit compensation to Mr. Harrison. And we have filed proceedings to affirm CN's rights in the U.S. Federal Court in Illinois."
Dare i say that all of these moves to monopolize control of the railway buziness from abroad is starting to look suspiciously like a part of the great work to re-build the new world order, on the basis of the old world order, as explained by Georgetown Professor, Carroll Quigley in both, "The Anglo-American Establishment," and, "Tragedy and Hope."
There is a board of directors above them and it is around that table that final decisions are taken and plans are put-paid into existence. Those people who sit up there (and the ones they represent as proxies) are the ones who are driving this agenda to consolidate railway logistics into a functioning asset of the north american union.
Who makes up the board of directors at CN headquarters--? Consider who was in charge and doing the dealing in the following instance (which was taken from their 4Q shareholders teleconference): "As many of you already know, CN's Board of Directors yesterday decided to suspend certain payments and benefit compensation to Mr. Harrison. And we have filed proceedings to affirm CN's rights in the U.S. Federal Court in Illinois."
Dare i say that all of these moves to monopolize control of the railway buziness from abroad is starting to look suspiciously like a part of the great work to re-build the new world order, on the basis of the old world order, as explained by Georgetown Professor, Carroll Quigley in both, "The Anglo-American Establishment," and, "Tragedy and Hope."
# posted by : January 26, 2012 at 9:18 a.m.
: January 26, 2012 at 9:18 a.m.
Jon Guhn,
Thanks for an excellent comment which provides much food for conjecture.
It's easy enough to see (with help) that Hunter Harrison and David McLean aren't exactly in it for themselves alone.
They're high enough on the totem pole that they don't need to rat on one another, either, because to betray one would betray all. What judge is going to reveal malfeasance on the part of another judge? What lawyer? What socialite? What rich man?
Apropos of nothing much, I often recall something from the Willy Pickton transcript where he was being interviewed in his jail cell by an undercover cop. While spooning his lunch into his evil mouth, Pickton says chummily to the cop: "I always thought they'd arrest more people." Indicating: evidence was possibly being ignored on most of the 49 women Pickton admitted to murdering. "More people" may have been involved as perpetrators because Pickton was charged with only 6 out of a possible 20+). It happens.
But someday, sometime (maybe soon), someone who knows will talk to us about BC Rail too.
Thanks again.
Thanks for an excellent comment which provides much food for conjecture.
It's easy enough to see (with help) that Hunter Harrison and David McLean aren't exactly in it for themselves alone.
They're high enough on the totem pole that they don't need to rat on one another, either, because to betray one would betray all. What judge is going to reveal malfeasance on the part of another judge? What lawyer? What socialite? What rich man?
Apropos of nothing much, I often recall something from the Willy Pickton transcript where he was being interviewed in his jail cell by an undercover cop. While spooning his lunch into his evil mouth, Pickton says chummily to the cop: "I always thought they'd arrest more people." Indicating: evidence was possibly being ignored on most of the 49 women Pickton admitted to murdering. "More people" may have been involved as perpetrators because Pickton was charged with only 6 out of a possible 20+). It happens.
But someday, sometime (maybe soon), someone who knows will talk to us about BC Rail too.
Thanks again.
Look what I found:
Members of the Board
David G. A. McLean, O.B.C., LL.D.
Chairman of the Board
Canadian National Railway Company
Chairman of the Board and Chief Executive Officer
The McLean Group
Vancouver, BC
Committees: 2, 3(C), 4, 6, 7, 8
Michael Ralph Armellino, CFA
Retired Partner
The Goldman Sachs Group, LP
Fort Lee, New Jersey
Committees: 2, 5, 6, 7(C), 8
A. Charles Baillie, O.C., LL.D.
Former Chairman and CEO
The Toronto-Dominion Bank
Toronto, ON
Committees: 2(C), 3, 6, 7, 8
Hugh J. Bolton, FCA
Chairman of the Board
EPCOR Utilities Inc.
Edmonton, AB
Committees: 1, 5, 6, 7, 8
Donald J. Carty, O.C., LL.D.
Retired Vice-Chairman and Chief Financial Officer
Dell, Inc.
Dallas, TX
Committees: 1, 2, 3, 7
Ambassador Gordon D. Giffin
Senior Partner
McKenna, Long & Aldridge
Atlanta, GA
Committees: 2, 4, 5, 7, 8
Edith E. Holiday
Corporate Director and Trustee,
Former General Counsel,
United States Treasury Department
and Secretary of the Cabinet
The White House
Washington, D.C.
Committees: 2, 3, 6, 7, 8
V. Maureen Kempston Darkes, O.C., D. Comm., LL.D.
Retired Group Vice-President
General Motors Corporation
and President
GM Latin America,
Africa and Middle East
Miramar, FL
Committees: 1, 5(C), 6, 7, 8
The Honourable Denis Losier, P.C., LL.D.
President and Chief Executive Officer
Assumption Life
Moncton, NB
Committees: 1(C), 4, 5, 6, 7
The Honourable Edward C. Lumley, P.C., LL.D.
Vice-Chairman
BMO Capital Markets
South Lancaster, ON
Committees: 2, 3, 6, 7, 8(C)
Claude Mongeau
President and Chief Executive Officer
Canadian National Railway Company
Montreal, QC
Committees: 4(C), 7
James E. O'Connor
Former Chairman and CEO
Republic Services, Inc.
Fort Lauderdale, FL
Committees: 1, 2, 5, 7
Robert Pace
President and Chief Executive Officer
The Pace Group
Halifax, NS
Committees: 1, 3, 6(C), 7, 8
Committees:
Audit
Finance
Corporate Governance and Nominating
Donations and Sponsorships
Environment, Safety and Security
Human Resources and Compensation
Strategic Planning
Investment Committee of CN's Pension Trust Funds
(C) denotes chairman of the committee
Now I'm going to look at Carroll Quigley. I hope others are looking too!
Thanks again.
.
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Members of the Board
David G. A. McLean, O.B.C., LL.D.
Chairman of the Board
Canadian National Railway Company
Chairman of the Board and Chief Executive Officer
The McLean Group
Vancouver, BC
Committees: 2, 3(C), 4, 6, 7, 8
Michael Ralph Armellino, CFA
Retired Partner
The Goldman Sachs Group, LP
Fort Lee, New Jersey
Committees: 2, 5, 6, 7(C), 8
A. Charles Baillie, O.C., LL.D.
Former Chairman and CEO
The Toronto-Dominion Bank
Toronto, ON
Committees: 2(C), 3, 6, 7, 8
Hugh J. Bolton, FCA
Chairman of the Board
EPCOR Utilities Inc.
Edmonton, AB
Committees: 1, 5, 6, 7, 8
Donald J. Carty, O.C., LL.D.
Retired Vice-Chairman and Chief Financial Officer
Dell, Inc.
Dallas, TX
Committees: 1, 2, 3, 7
Ambassador Gordon D. Giffin
Senior Partner
McKenna, Long & Aldridge
Atlanta, GA
Committees: 2, 4, 5, 7, 8
Edith E. Holiday
Corporate Director and Trustee,
Former General Counsel,
United States Treasury Department
and Secretary of the Cabinet
The White House
Washington, D.C.
Committees: 2, 3, 6, 7, 8
V. Maureen Kempston Darkes, O.C., D. Comm., LL.D.
Retired Group Vice-President
General Motors Corporation
and President
GM Latin America,
Africa and Middle East
Miramar, FL
Committees: 1, 5(C), 6, 7, 8
The Honourable Denis Losier, P.C., LL.D.
President and Chief Executive Officer
Assumption Life
Moncton, NB
Committees: 1(C), 4, 5, 6, 7
The Honourable Edward C. Lumley, P.C., LL.D.
Vice-Chairman
BMO Capital Markets
South Lancaster, ON
Committees: 2, 3, 6, 7, 8(C)
Claude Mongeau
President and Chief Executive Officer
Canadian National Railway Company
Montreal, QC
Committees: 4(C), 7
James E. O'Connor
Former Chairman and CEO
Republic Services, Inc.
Fort Lauderdale, FL
Committees: 1, 2, 5, 7
Robert Pace
President and Chief Executive Officer
The Pace Group
Halifax, NS
Committees: 1, 3, 6(C), 7, 8
Committees:
Audit
Finance
Corporate Governance and Nominating
Donations and Sponsorships
Environment, Safety and Security
Human Resources and Compensation
Strategic Planning
Investment Committee of CN's Pension Trust Funds
(C) denotes chairman of the committee
Now I'm going to look at Carroll Quigley. I hope others are looking too!
Thanks again.
.
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