Canadian Pacific Railway, Canada's second-largest railroad whose CEO and chairman both quit last month after a bitter proxy battle, said board member David Raisbeck has decided to resign, citing personal reasons.

Raisbeck has been a director since October 2009 and served on various board committees. The vacancy caused by his departure would not be filled, the company said in a statement.

In May, Chief Executive Fred Green and Chairman John Cleghorn both quit after a boardroom coup, a rarity in Canada's conservative corporate culture, following a proxy battle with New York activist shareholder William Ackman. (Reuters)