We will take time today to reflect on the legacy of Hunter Harrison, who passed away Saturday just two days after taking medical leave from his role as CEO of CSX. As the ultimate arbiter of any leader’s performance, the stock market has had its say on his accomplishments. Shares of CN and CP more than doubled on Harrison’s watch, while CSX shot up 55 per cent during his time at the helm. Beyond the numbers, it’s the words of his peers that tell the story:
- “He taught me how to railroad but more than that, he taught me how to be a leader. … Hunter was unmatched in this industry. He will go down as the best railroader ever, plain and simple.”: CP CEO Keith Creel
- “Hunter was a giant of the railway industry for decades and a transformative figure at CN.”: CN CEO Luc Jobin
- “He created a legacy of truly historic proportions”: Mantle Ridge Founder and CEO Paul Hilal
- “Hunter was an immensely talented railroader. He was especially capable as an agent of change in the industry. … He was in the midst of working his magic at CSX and had already made a difference to their operations.”: Former CN Chair David McLean
And that will have to be part of our coverage today: the impression Hunter made on CSX in his brief time there, and the difficult questions that have to be asked about the board’s decision to abide by Harrison’s refusal to allow an independent medical check prior to stepping into the role as CEO.
SHERMANS REMEMBERED
The Toronto police department’s homicide unit is taking the lead on the investigation into the suspicious deaths of Apotex Founder Barry Sherman and his wife, Honey. The post-mortem determined the two died as a result of “ligature neck compression”. We will continue gathering insight from the business community on the Shermans’ legacy and will watch for any updates on the investigation.
C-SUITE ON SEXUAL HARASSMENT IN THE WORKPLACE
The latest C-Suite survey shows Canadian execs overwhelmingly believe sexual harassment is not their problem. Just five per cent of respondents to the survey, which was conducted from Nov. 11-Dec. 6, said sexual harassment is a problem in their company, and only 35 per cent said it’s a problem in their industry.
AWAITING BOMBARDIER DUTIES
The U.S. Commerce Department is expected today to make its final determination on duties to be applied Bombardier’s CSeries jet, though actual timing for an announcement is up in the air. Recall Bombardier was up in arms in September when Commerce announced 219.63-per-cent preliminary countervailing duties, followed a few weeks later by 79.82-per-cent anti-dumping tariffs.
TAX PLAN DRIVES MARKETS
Anticipation is building that U.S. President Donald Trump will score his first legislative win of the calendar year later this week as the House and Senate gear up to vote on the compromise tax plan. And that hope is lighting up markets, with global stocks trading higher and futures pointing to a triple-digit surge for the Dow at the start of trading.
OTHER NOTABLE STORIES:
- Cominar REIT is selling 97 non-core properties to Slate Acquisitions for $1.14 billion, with most of the proceeds earmarked for debt repayment. Cominar says it's aiming to sell up to another $1.5-billion worth of properties by the end of next year.
- Bitcoin surged as much as 10 per cent in early trading, taking the cryptocurrency to within 500 dollars of US$20,000. The obvious catalyst is the start of futures trading on the CME.
- Bombardier and its joint-venture partner have been awarded a US$270-million monorail contract in China.
NOTABLE RELEASES/EVENTS
- Notable data: Canadian international securities transactions
- U.S. Commerce Department expected to make final determination on CSeries duties
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.
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