This news release just in via Marketwatch:
Richard Hamlin, Trustee for CP's acquisition of the DM&E today advised CP of changes to DM&E's senior management team. Effective immediately, Kevin Schieffer, President and CEO, has left the company to pursue other opportunities.
Ed Terbell, Chief Operating Officer, and Kurt Feaster, Chief Financial Officer, will manage the day to day operations of the railway while the DM&E remains in trust.
"Messrs. Feaster and Terbell and the management team have been strong performers in managing the DM&E, and its subsidiaries: Iowa, Chicago & Eastern Railroad and Cedar American Rail Holdings, and will continue with their duties reporting directly to me pending CP assuming control of the railway," said Mr. Hamlin.
On September 30, 2008 CP received regulatory approval from the US Surface Transportation Board to acquire control of the DM&E Railroad and its subsidiaries. The STB denied all requests for conditions other than those agreed to voluntarily by CP. Following a 30-day review period, CP expects to assume control of the DM&E October 30, 2008.
SOURCE: Canadian Pacific Railway
We're not sure what this will be for the groups concerned about the improvement of the DM & E rail system in Southern Minnesota. Stay tuned.
Update: FOX Business also reports the management change in DM&E Railroad announces management change.