Canadian Pacific cutting 4,500 jobs and move Calgary headquarters

Calgary-based Canadian Pacific Railway has announced plans to cut 4,500 jobs by 2016.

The railway said Tuesday the jobs would include both employee and contractor positions.

CP said it expected to eliminate 1,700 positions over the next month.

The firm said the cuts would include job reductions, natural attrition and using fewer contractors.

The cuts are part of a plan to increase annual revenue growth between four and seven per cent from 2012 levels as well as reduce its full-year operating ratio — a closely watched measure of how much revenue is required to run the business — to the mid-60s range by 2016.

Firm will move Calgary headquarters

CEO Hunter Harrison said the aim was to “greatly improve service, increase the railway’s efficiency, lower costs and grow the business.”

The strategic moves are the latest for the railway since a new board of directors installed Harrison in the summer following a bitter proxy fight with the company’s largest shareholder.

Choosen excerpts by Job Market Monitor from 

via Canadian Pacific cutting 4,500 jobs – Business – CBC News.