Alain Bellemare is to step down as the Chief Executive Officer of Bombardier and would be replaced by a former company executive and Hydro-Quebec CEO Eric Martel.
According to the report obtained by Reuters, Alain Bellemare, who took over the top job at Bombardier in 2015, has steered the company through some of its biggest challenges, including a brush with bankruptcy due to its costly C Series jet program.
Under his watch, the company has narrowed its focus on making business jets, after offloading its stake in the A220 passenger jet program – formerly known as the C Series – to Airbus SE (AIR.PA) and selling the rail division to France’s Alstom SA (ALSO.PA) earlier this year.
Bombardier in a statement announcing the change said:
“With the five-year turnaround plan nearing completion, the board, including Mr Bellemare, unanimously concluded that it was the appropriate time for a new leader to take the helm of the corporation.”
Martel had worked with Bombardier for 13 years and was the president of its business aircraft unit before joining the hydropower producer as CEO in 2015.