CP's Harrison raids rival CN for new president, COO A key senior executive at Canadian National Railway is joining rival company Canadian Pacific Railway Ltd. CP said on Monday it has hired Keith Creel as its president and chief operating officer. CP president and chief executive officer Hunter Harrison will remain CEO. Mr. Creel was the executive vice-president and chief operating officer at CN. He was a close collaborator with Mr. Harrison when the latter ran CN. One analyst who spoke on condition of anonymity said Mr. Creel was Mr. Harrison's protégé at CN and will be groomed at CP as Mr. Harrison's successor. CN also said in a separate news release Monday it has reached an out-of-court settlement with CP over CN's allegations that Mr. Harrison ran afoul of his non-compete pact when he came out of semi-retirement last year to head up CP. Mr. Harrison was coaxed back by U.S. shareholder activist Bill Ackman after the latter shook up CP's board and management. CN said on Monday that, as part of the settlement, "CP has undertaken not to hire certain CN employees until December 31, 2016." The other terms of the settlement are confidential, CN said. The Memphis-born Mr. Harrison took over at CP last June to spearhead a turnaround of the underperforming company. He signed a four-year contract with CP but said he would be willing to stay on an extra year to help in the transition to a new CEO. CN said it will soon announce a replacement for Mr. Creel. "We wish Keith success in his new role and are pleased to turn the page with respect to the matter of CP's hiring of CN's former CEO, Hunter Harrison," CN CEO Claude Mongeau said in the news release. The settlement arrived at today will allow CN and CP to focus on their respective agendas and create value for their customers and shareholders. Mr. Creel said in the CP news release: "I am thrilled to be joining CP during this historic time in its turnaround story. I worked for Hunter for many years and am proud to be working alongside him once again. Last year, many industry insiders and observers had touted Mr. Creel as a potential candidate to join Calgary-based CP's executive ranks in 2013, once a non-solicitation clause associated with Mr. Harrison's retirement expired. Mr. Harrison, a railway veteran, referred last year to Mr. Creel as "one of the top operating minds in North America." Mr. Creel is a former U.S. Army commissioned officer and served in the Persian Gulf War in Saudi Arabia. Mr. Harrison was CN president and CEO from 2003 to 2009.