Canadian Pacific Taps Suncor CFO Demosky As Finance Chief - Update

(RTTNews) - Canadian Pacific (CP.TO, CP ), a transcontinental railway, Friday said Bart Demosky has been appointed Executive Vice-President and Chief Financial Officer, effective December 28.

The company had announced on October 23 that Brian Grassby would retire as its Senior Vice-President and Chief Financial Officer at year-end.

Demosky has over 25 years of senior financial, strategic, operations and risk management experience. He joins CP from Suncor Energy Inc. (SU.TO, SU), where he had been Chief Financial Officer since 2009.

His career at Suncor began in 2006 when he was appointed vice president and treasurer. In 2008, he was appointed Senior Vice-President Business Services.

Hunter Harrison, CP's CEO, said, ''This was the most comprehensive North American CFO search process in my career, as management and the Board recognized the importance of bringing in someone with the breadth of business experience and financial talent required to help lead this organization forward. In Bart Demosky, we believe we have found that individual."

As CP's executive vice-president and CFO, Demosky will be a key member of the senior management team. He will be responsible for helping plan the long-term strategic direction of the company.

Other responsibilities include financial planning, reporting and accounting systems as well as pension, treasury and tax.

Meanwhile, Suncor Energy separately announced the resignation of chief financial officer Bart Demosky. The firm said Demosky is leaving his position to pursue an opportunity in another industry. Demosky's resignation is effective December 27.

Suncor said in due course it would announce a replacement for Demosky.

CP closed down 0.3 percent on the NYSE at $152.12 on Wednesday. The stock settled lower by 0.5 percent on Thursday at C$160.71 on the TSX.

SU settled down by around 1 percent at $34.51. SU.TO was marginally lower at C$36.52.