[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.
[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.
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.