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CP Rail pays CEO Creel $20 million, including $10 million in options

Last Updated Mar 16, 2018 at 4:40 pm EDT

Canadian Pacific Railway president and CEO Keith Creel speaks to reporters following the company's annual meeting in Calgary, Wednesday, May 10, 2017. Canadian Pacific Railway Ltd. says it paid CEO Creel $20.1 million last year, including $10.5 million in stock options.THE CANADIAN PRESS/Jeff McIntosh

CALGARY – Canadian Pacific Railway Ltd. says it paid CEO Keith Creel $20.1 million last year, including $10.5 million in stock options.

That’s more than double his compensation in 2016 of $8.9 million when he was president and chief operating officer. He took over the top job as of Jan. 31, 2017, when Hunter Harrison abruptly left the railroad and was later hired by U.S. railroad CSX.

Creel’s pay is higher than the Royal Bank’s Dave McKay, at $12.4 million, the best compensated of Canada’s top five bank CEOs in 2017.

Harrison, who died in December, earned $20.2 million in 2015 and $18.8 million in 2016 as CEO of CP Rail.

In a corporate filing, CP Rail says its compensation committee found that Creel had exceeded his individual performance objectives and had led the company to a strong corporate performance.

Companies included in this story: (TSX:CP, TSX:RY)