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™
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.
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