) -- Shares of

Canadian Pacific Railway

(CP) - Get Report

rose Friday following multiple media reports that activist shareholder Bill Ackman wants to replace the company's chief executive officer.

Citing sources familiar with the situation,

The Globe and Mail

said Ackman is pressing for Canadian Pacific's board to replace current CEO Frederic Green with Hunter Harrison, the former CEO of Canadian National Railway (CNI) - Get Report


Shares of Canadian Pacific rose nearly 3% to $66.89 in late morning action. The stock was basically flat year-to-date ahead of Friday's session and down 4.5% from a 52-week high of $69.92 set late last January.

Harrison has an extensive pedigree in railroads as the former chief executive led Canadian National from 2003 through 2009 -- which saw shares of the company leap some 280% during his tenure -- and as the chief operating officer and CEO of Illinois Central Railroad from 1989 through 1998.

Ackman's Pershing Square Capital Management owns a 12.2% stake in CP, holding roughly 18 million shares as well as options to purchase another 2.65 million.

Companies in the Class I railroad sector were slightly higher Friday with


(CSX) - Get Report

at $21.10, up 8 cents, or 0.38%;

Union Pacific

(UNP) - Get Report

at $106.17, up 82 cents, or 0.78%;

Kansas City Southern

(KSU) - Get Report

at $68.16, up 22 cents or 0.32%;

Norfolk Southern

(NSC) - Get Report

was at $73.24, up 39 cents, or 0.53%.

Canadian National shares were the second biggest gainer among the major railroads at $78.33, up $1.11, or 1.4%.

-- Written by Joe Deaux in New York.

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