OMAHA, Neb. – Canadian Pacific has finalized its plan to replace Chief Executive Hunter Harrison when he retires from the railroad next summer.

The Calgary, Alberta, railroad said Wednesday that it had reached agreements to promote President and Chief Operating Officer Keith Creel to CEO and retain Harrison as a consultant for three years after he retires.

Harrison and Creel led Canadian Pacific’s unsuccessful effort over the past year to acquire Norfolk Southern railroad. Canadian Pacific abandoned its roughly $30 billion bid for Norfolk Southern after encountering opposition from the railroad, politicians and some customers.

The 71-year-old Harrison came out of retirement to lead Canadian Pacific in 2012 after activist investor Bill Ackman took a large stake in the railroad and forced management changes. Harrison had previously led Canadian National and Illinois Central railroads.

“I’ve demonstrated my trouble with retiring in the past, so being available to the Board and the organization after my official retirement is exciting,” Harrison said. “In four years we have gone from an industry laggard to an industry leader.”

Creel worked with Harrison at Canadian National. The 47-year-old joined Canadian Pacific in 2013. He has helped lead the railroad’s turnaround, and he served as interim CEO for several periods when Harrison was out because of health issues in recent years.

“Keith is a tremendous railroader who is more than ready to take the helm as our next CEO,” board Chairman Andrew F. Reardon said.

Since 2011, the average speed of Canadian Pacific’s trains improved 40 per cent to 21.4 mph, and its earnings per share more than doubled from 2012 to 2015 to $10.10 in Canadian dollars.

The railroad also cut more than 6,000 positions and reduced the size of its locomotive fleet 40 per cent by running trains on schedule.