Paul Hilal
Born
Paul Charles Hilal
Education
Occupation(s)Founder and CEO of Mantle Ridge
Known for
Parent

Paul Charles Hilal is an American businessman and investor. He is the CEO of Mantle Ridge LP, which he founded in 2016.[1][2]

Early life and education

Hilal is one of four children born to Sadek Hilal, a radiologist, and, his wife, Cynthia Ann (née Tutundgy), a schoolteacher and guidance counselor. He graduated from Harvard College in 1988 with a degree in Biochemistry. In 1992 he received his J.D. from Columbia University School of Law and an M.B.A. from Columbia University School of Business.[1][3]

Career

(L to R) Peter Hilal, Warren Buffett, Paul Hilal, Charlie Munger

Hilal started his career in 1992 as an investment banker at Broadview Associates. Hilal then moved to the Galleon Group.[4] Hilal then moved on to Hilal Capital Management in 1998 and left for Caliber Capital Management in 2002.[5]

Hilal joined Pershing Square Capital Management in 2006, where he worked for a decade.[6] During his time at Pershing Square, he worked on the firm’s activist investments in Ceridian, Air Products & Chemicals and Canadian Pacific Railway.[7][8][9]

While at Pershing, he served on Ceridian's board until the sale of the company to private equity firm Thomas H. Lee Partners in 2007.[7] Hilal also persuaded E. Hunter Harrison to come out of retirement to become CEO of the Canadian Pacific Railway.[9] Hilal served as a Director of Canadian Pacific until his retirement from Pershing Square in January 2016.[6][10]

In 2016, Hilal started Mantle Ridge, a New York-based investment fund with a current AUM of more than $2 billion.[11][12][13]

In January 2017, Paul Hilal led an effort to install former Canadian Pacific CEO E. Hunter Harrison as CEO of CSX Transportation after buying Harrison out of his contract with Canadian Pacific for nearly Cdn$100 million.[12][14] In March 2017, CSX announced that Hunter Harrison was appointed CEO of CSX, that Paul Hilal would become Vice Chairman of the Board, and that three independent directors would also join the Board of CSX.[15][16] On December 16, 2017, Harrison died.[17]

Hilal’s second campaign at Mantle Ridge focused on food services provider Aramark in 2019. Under the terms of a settlement, the campaign resulted in the installation of a new CEO, appointment of Hilal as Vice Chairman, and replacement of six independent directors on Aramark’s Board.[18][19]

References

  1. 1 2 "Company Overview of Mantle Ridge LP". Bloomberg L.P. March 21, 2017.
  2. ↑ "Paul C. Hilal '92". Columbia Business School. August 20, 2020.
  3. ↑ "Paul C. Hilal MBA". 4-Traders. Retrieved March 24, 2017.
  4. ↑ "Lessons from Value Investing Legends #1 - Paul Hilal (Pershing Square)". www.linkedin.com. Retrieved 2019-05-21.
  5. ↑ "About Us". Mantle Ridge. Retrieved March 18, 2017.
  6. 1 2 Julia La Roche (January 27, 2016). "Bill Ackman's lieutenant is leaving Pershing Square to pursue a new venture". Business Insider.
  7. 1 2 "Ceridian Corporation and Pershing Square Capital Management Resolve Proxy Contest". Business Wire. September 8, 2007.
  8. ↑ David Benoit (January 19, 2017). "Meet Paul Hilal, The Activist Investor Taking on CSX". The Wall Street Journal.
  9. 1 2 Brent Jang (June 29, 2012). "As Harrison takes CP's top job, Ackman's coup is complete". The Globe and Mail.
  10. ↑ Ian Austen (May 17, 2012). "Ackman Wins Proxy Fight at Canadian Pacific". The New York Times.
  11. ↑ Michael Flaherty (October 6, 2016). "Ex-Pershing Square partner Hilal preps new fund". Reuters.
  12. 1 2 Michael Flaherty (January 18, 2017). "Ex-Canadian Pacific CEO, activist investor teaming up for CSX stake: source". Reuters.
  13. ↑ Michelle Celarier (August 23, 2017). "Mantle Ridge Up to Nearly $2 Billion on CSX Play". Institutional Investor.
  14. ↑ Green, Howard (September 2018). Railroader: The Unfiltered Genius and Controversy of Four-Time CEO Hunter Harrison. Page Two Books. p. 179. ISBN 9781989025048.
  15. ↑ Ronald Orol (March 6, 2017). "CSX, Mantle Ridge Reach Blockbuster Deal". TheStreet.com.
  16. ↑ Antoine Gara (March 7, 2017). "Hunter Harrison Landed CSX's Top Job By Quickly Giving Up On Norfolk Southern". Forbes.
  17. ↑ "CSX Investors Seek Clarity After CEO Death, Stock Stabilizes". Reuters. 18 December 2017. Retrieved 31 July 2019.
  18. ↑ "Aramark has a new CEO, activist investor becomes vice chair of the board". The Philadelphia Inquirer. October 7, 2019.
  19. ↑ "Aramark Stock Hits 52-Week High on Activist Deal for New CEO and Board Members". The Street. October 7, 2019.
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