Source: Canadian Press
Published: September 25th 2009
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Canadian Pacific Railway chief executive Fred Green says he can't predict when the economy will recover fully and is focused instead on using the downturn as a chance to experiment and prepare for better times, Reuters reported.
Canadian Pacific, Canada's second largest railway, is using the recession to try out operating changes, such as running extra-long grain trains, Green said.
That's something it would not have been able to do when the economy was stronger and its tracks were operating at full capacity, he said.
It has also sped up plans to overhaul locomotives and freight cars, allowing it to recall some laid off employees the railway says have skills it will need when the economy rebounds and older workers retire.
But Green acknowledged that using the downturn as a window of opportunity can be a difficult sell to some investors who have an eye on only cutting costs and short-term results.
"Our challenge as a company, and every company's challenge, is not to be intimidated by the short-term thinkers on Wall Street," Green said.
"If that means you have to go through some rough periods to position these enterprises for long-term success, that's a far better angle than it is to worry about a guy beating you up on a quarter."