Pershing Square's Bill Ackman resigns from CP's board

Bill Ackman, head of U.S. hedge fund manager Pershing Square Capital Management, has resigned from the board of directors of Canadian Pacific Railway Ltd (TSX, NYSE: CP). Ackman served on the board since 2012. CP said Ackman played an "instrumental" role in transforming it "from railroading's biggest laggard to one of the industry's very best." Reuters reported last month that Pershing Square had exited its investment in CP, freeing up some US$1.5 billion in cash to make other future investments.

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