April 21st, 2024

CPKC’s Creel sees compensation jump to $20 million after railway merger

By The Canadian Press on March 25, 2024.

Canadian Pacific Railway trains sit at the main CP Rail train yard in Toronto on Monday, March 21, 2022. Financial filings show from Canadian Pacific Kansas City Ltd. show that its five top officers took in about $53 million in 2023 compared to just over half that amount the year before. THE CANADIAN PRESS/Nathan Denette

MONTREAL – The head of Canada’s second-biggest railway enjoyed a big jump in compensation after a historic year for the company as it integrated a major acquisition.

Financial filings from Canadian Pacific Kansas City Ltd. show that CEO Keith Creel’s total compensation rose 38 per cent to $20.1 million last year.

CPKC’s five top officers including Creel earned $63.5 million overall in 2023 compared with less than half that amount the previous year.

The boost enjoyed by the entire C-suite stemmed largely from share-based awards and cash bonuses after Calgary-based Canadian Pacific merged its operations with Kansas City Southern in April.

At rival Canadian National Railway Co., total compensation for its six senior executives decreased three per cent to $29.6 million, mainly due to lower bonuses after the Montreal-based company fell short of performance targets.

CEO Tracy Robinson’s compensation nudged up by two per cent to $14.0 million, mainly due to the fact she joined as CEO two months into 2022, so she was not paid for a full year.

This report by The Canadian Press was first published March 25, 2024.

Companies in this story: (TSX:CP, TSX:CNR)

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