CP Rail taps Suncor executive as new CFO

CALGARY — The Canadian Press

Canadian Pacific Rail locomotives are seen at the company's Port Coquitlam yard east of Vancouver on May 23, 2012. (DARRYL DYCK/THE CANADIAN PRESS)

The chief financial officer of Suncor Energy is moving to Canadian Pacific in about a month.

Bart Demosky’s resignation from Suncor is effective Dec. 27 and he’ll become CP’s chief financial officer the next day.

Demosky joined Suncor in 2006 as a vice-president and has been the company’s CFO since 2009.

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He holds a degree in economics from the University of Calgary and is a graduate of the university’s management development program.

He’ll replace Brian Grassby, whose retirement from Canadian Pacific was announced previously.

Canadian Pacific says Demosky was selected after an extensive North American search and he’ll play a key role in strategic planning.

Suncor says it’ll announce a replacement for Demosky “in due course.”

Billionaire investor William Ackman won a proxy fight and installed a new chief executive at Canadian Pacific last year.

The company, Canada’s second-largest railway, said in October that Ackman had sold 6 million company shares, but his firm, Pershing Square, remains the biggest shareholder with a 10 percent stake.