- Bombardier Inc (TSX:BBD.B) has announced the appointment of Éric Martel as the company’s new President and CEO
- Martel will replace Alain Bellemare, effective April 6, 2020
- Prior to his appointment, Martel acted as President and CEO of Hydro-Québec
- The appointment comes as Bombardier’s five-year turnaround plan nears completion
- Bombardier Inc (BBD.B) was down 20.14 per cent, with shares trading at C$5.67
Bombardier (TSX:BBD.B) has announced the appointment of Éric Martel as the company’s new President and CEO.
Martel will replace existing CEO, Alain Bellemare, effective April 6 this year.
The leadership change comes as the company’s five-year turnaround plan comes to a close. Bombardier has had a turbulent year so far, and the decision was unanimously supported by the Board of Directors, including Bellemare.
Martel has previously held leadership positions at Bombardier, including President of the Business Aircraft Division and President of the Customer Services and Specialized Aircraft Division.
Most recently, however, he acted as President and CEO of Hydro-Québec, one of the world’s largest producers of hydroelectricity. Martel was appointed to the role in July 2015 and led the company to generate more than C$13.7 billion in annual revenue.
Martel said that he is very excited to be re-joining the Bombardier team.
“I have always been passionate about Bombardier, its employees and products.
“I look forward to building a highly successful, agile and focused company, capable of providing unmatched service to customers, world-class opportunities to employees and creating value for our shareholders,” he said.
In addition to his previous experience with Bombardier, Martel has also held executive roles with Pratt & Whitney, Rolls Royce, Procter & Gamble and Kraft Foods.
He holds a Bachelor’s degree in electrical engineering from Laval University, and is a member of the Ordre des ingénieurs du Québec.
Pierre Beaudoin, Chairman of Bombardier, said that Martel’s appointment is the right decision as the company enters a new and critical stage.
“He is an engaging builder with a deep understanding of our organization and product portfolio as well as of the global business aircraft industry.
“He has enjoyed great success in his career through operational excellence, tight management of complex manufacturing processes and a personalized approach towards customers,” Beaudoin said.
Bombardier Inc (BBD.B) was down 20.14 per cent, with shares trading at C$5.67 at 1:48pm EST.
