Sault Ste. Marie’s Peter Cresswell, one of the transformational leaders of the Algoma Central Corporation (ACC), died on June 20 at Sault Area Hospital.
He was 90.
Considered a giant in the Canadian shipping industry, Cresswell had a distinguished 35-year career with Algoma Central, including 10 years as president and chief executive officer.
Now headquartered in St. Catharines, Algoma Central Corp. and its rail subsidiary, the Algoma Central Railway, were once one of Sault Ste. Marie’s cornerstone industries for a century.
While at the helm, he guided ACC through a period of significant change.
During his tenure, ACC shed itself of its private property assets and he presided over the sale of the Algoma Central Railway to Wisconsin Central Transportation in 1995.
The company raised tens of millions of dollars from the sale of more than 800,000 acres of land grants acquired from the provincial government at the turn of the last century to build a 480-kilometre long railway from Sault Ste. Marie to Hearst.
With the funds generated, the company shifted its focus to commercial real estate, and to modernizing and expanding its marine fleet into the largest Canadian shipping company on the Great Lakes. ACC also expanded its shipping interests outside of the lakes and into ocean-going tankers.
Cresswell stepped down as president and chief executive officer of Algoma Central Corp. (ACC) in May 2001 to become deputy chairman on the board of directors.
That same year, one of the ships in the Algoma fleet, the motor vessel Algowest, was renamed in his honour.
At the time of the ship’s rededication, Cresswell was lauded as a “visionary and driving force" behind transforming Algoma from a Northern Ontario company owning a small railway and a few vessels to the largest operator of Canadian flagged vessels on the Seaway.
According to his obituary, he was husband to the late Nancy (Moore) and father of Susan (John) Ruckstuhl of Sault Ste. Marie and Bob Cresswell (Laura) of Kincardine and the late Tracy Cresswell (Gayle).
Services will be held at the Arthur Funeral Home in Sault Ste. Marie on June 26 from 2 p.m. to 4 p.m. Memorial contributions are payable online or by cheque to the Sault Area Hospital and the Canadian Cancer Society.
