CALGARY, March 9, 2020 /PRNewswire/ - Canadian Pacific
(TSX:CP) (NYSE:CP) is proud to announce that its Executive
Vice-President and Chief Financial Officer Nadeem Velani has been named Canada's CFO Of The Year™ for 2020. The award,
presented annually by Financial Executives International Canada
(FEI Canada), PwC Canada and Robert
Half, honours senior financial leaders who have made
significant contributions to business in Canada.
"Our family of 13,000 railroaders celebrates this accomplishment
with Nadeem," said Keith Creel, CP
President and CEO. "Over my 28 years of railroading, I have never
met a CFO like Nadeem – his influence goes well beyond our
company's impressive numbers and into our most important asset, our
people. Every day he and his team practice the fundamentals of
precision scheduled railroading, drawing out discretionary effort
and high performance. We could not be prouder of him and his
team."
In 2019, CP produced industry-leading volume growth, reported
record margins and grew earnings at a double-digit rate. It was a
record year by many financial measures. CP's share price
appreciated 37 percent, outperforming the TSX by 18 points. Since
Velani was appointed CFO, CP has built a strong track record of
performance. Over the last three years, CP's diluted earnings per
share have grown 65 percent and adjusted diluted earnings per share
have grown 60 percent1, cash provided by operating
activities has improved by 43 percent and free cash has increased
by 35 percent1, dividends have grown by 66 percent, and
its market cap has grown by approximately $18 billion. For Velani, however, it's the team
and their performance that is most impressive.
"This is an incredible honour, but it is a team award," Velani
said. "Our incredible finance team has grown and evolved over the
last four years, moving from a pure support function to a
department that drives strategic decisions and enables results.
Awards like this are also not possible without the efforts of our
broader CP family – the men and women who safely and efficiently
move our customers' freight. I am forever grateful for the efforts
of the entire CP family and am humbled by this honour."
Velani joined CP in March 2013 and
served as Vice-President Investor Relations before becoming
CFO in September 2016. Prior to
CP, Velani spent 15 years at Canadian National (CN) where he worked
in a variety of positions in Strategic and Financial Planning,
Investor Relations, Sales and Marketing and the Office of the
President and CEO. Velani is a key member of CP's senior
management team responsible for helping plan the long-term
strategic direction of the company. Other responsibilities include
financial planning, investor relations, reporting and accounting
systems as well as pension, treasury and tax. He is also
championing the growth of employees across the organization through
his position as Chair of CP's Leadership Steering Committee.
For more information on the award, visit Canada's CFO Of The Year™ website.
(1) These measures have no standardized meanings
prescribed by accounting principles generally accepted in
the United States of America
("GAAP") and, therefore, may not be comparable to similar measures
presented by other companies. For a full description and
reconciliation of Non-GAAP measures, see CP's 2019 Annual Report on
Form 10-K on investor.cpr.ca.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of CP.
CP-IR
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SOURCE Canadian Pacific