Creel: Bill Ackman offered $200M when asked for $100M in unplanned capex
Keith Creel · Keith Creel: Lessons from Life on the Railroad · Nov 29, 2022 · at 59:40
Canadian Pacific CEO Keith Creel recalls requesting unplanned capex for potash route track repairs early in his tenure under board member Bill Ackman.
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“I went into the board meeting, and I said, we have an issue. For me to optimize my service, I've got to run west out of Saskatoon, not east, but I need a hundred million dollars to spend on rail and ties and ballasts, and that was not planned for at all, and Bill was the first one to say, you need two hundred million. Whatever you need to make sure the railroad's safe to operate and operate efficiently, you're going to get it, Keith.”
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