The Board of Directors for Canadian Pacific Railway Limited announced that CP’s Chief Executive Officer E. Hunter Harrison has agreed to a contract extension with the railway for an additional year.

“When Hunter was brought in to lead the transformational change of this iconic company, the agreement was for four years, plus an option for an additional year,” said CP Chairman, Gary Colter. “In seeing CP’s rapid turnaround under Hunter’s leadership, the Board was unanimous in wanting him to stay on until 2017 and we are extremely pleased he has accepted.” Harrison officially joined CP in June, 2012.

“I am honoured the Board of Directors asked me to remain in a leadership role for an extra year,” said Harrison. “Even though CP has experienced phenomenal success in a short period of time, there remains a lot to accomplish over the next three years to grow this company even further with our customers and shareholders.”

Colter added, “Hunter is arguably the most respected and successful leader in the rail industry and Canadian Pacific’s evolution is stronger than ever with an outstanding senior leadership team and a railway operating model that will take CP to levels it has not achieved in its 133-year history.”