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Be the first with the news that moves the market- David Coleal has been stood down as President of Aviation as Bombardier (BBD.B) transitions to a business aircraft-only company
- The management reshuffle comes as the sale of the company’s Transportation business to Alstom nears completion
- David joined Bombardier in 2008 to run the Wichita-based Learjet business, having previously held positions at Cirrus Aircraft and Caterpillar
- Between 2011 and 2015 he acted as Vice President and General Manager of Spirit AeroSystems before returning to Bombardier
- Bombardier (BBD.B) is currently down 4.23 per cent and is trading at C$6.80 per share
David Coleal has been stood down as President of Aviation as Bombardier (BBD.B) transitions to a business aircraft-only company.
The decision is among a number of senior management changes as the Montreal-based company closes in on the sale of its Transportation business to French multinational Alstom.
With the sale of Bombardier Transportation nearing completion, Eric Martel, President and CEO of Bombardier, said the company is preparing for its future as a business aviation company.
“Our goal is to create a leaner, more agile and customer-centric company to better capture growth opportunities with our industry leading business jet portfolio. This includes simplifying our corporate leadership structure,” he added.
Prior to joining Bombardier in 2008 as head of the Wichita-based Learjet business, David held a number of positions at Cirrus Aircraft and Caterpillar. From 2011 until 2015, he acted as Vice President and General Manager of Spirit AeroSystems before returning to Bombardier.
In his time as President of Aviation, he oversaw the unveiling of Global 7500, the longest-range business jet on the market, and revitalised the Global family by launching the re-engined 5500 and 6500 models.
David’s departure is the latest in a string of major developments as the COVID-19 pandemic reaps havoc on the global aviation industry.
The sale of Bombardier’s rail division was announced earlier this year and revised on September 16, and is expedited to net the company a total of C$5.27 billion, $771 million of which will consist of an equity stake in Alstom.
Pending regulatory and shareholder approvals, the deal is expected to close in the first quarter of 2021.
Bombardier (BBD.B) is currently down 4.23 per cent to C$6.80 per share at 10:25pm EDT.
