The trouble with the family compact: Bombardier Inc's new CEO Alain Bellemare is on a short leash Back to video The newly vacated CEO corner office will now be filled by Alain Bellemare, former chief executive at United Technologies Corp., who has extensive experience in the industry. Alain Bellemare, an outsider who was hired five years ago by the founding family to turn Bombardier around, will be succeeded by Eric Martel, the CEO of Canada’s biggest electric utility, Hydro-Quebec. Audio for this article is not available at this time. Photo by Reuters/Christinne Muschi/File Photo, tap here to see other videos from our team. Beaudoin later renounced the increases and other executives postponed the compensation plan by a year until 2020 after much outcry. We hope to have this fixed soon. We are in the year 2020. Selling its train business marks a strategic shift for Bombardier, one that would leave it dependent on sales of luxury aircraft at a time when economic conditions are being marred by the global spread of the new coronavirus and businesses are reviewing their spending. Crippled by a debt topping $9-billion, Bombardier is now hoping regulators in Europe approve the sale to Alstom so the company can pay down debt and survive. Find your friends on Facebook. This advertisement has not loaded yet, but your article continues below. The Globe and Mail is not naming the person because they were not authorized to speak to the media about the situation. If you don't see it please check your junk folder. We apologize, but this video has failed to load. The shareholder vote is only advisory and non-binding, but can be used to send a powerful signal. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. This situation would be highly suggestive of an insider that was timing trades This takes courage. Your time is valuable. Five years after being hired to pull the ailing plane and train maker out of its slide, Mr. Bellemare will be replaced by Hydro-Québec CEO Éric Martel as of April 6, Bombardier said in a news release late Wednesday. Bombardier President and CEO Alain Bellemare attends the company's annual general meeting in Montreal, Thursday, May 2, 2019. - If this is your first time registering, please check your inbox for more information about the benefits of your Forbes account and what you can do next! If you don't see it please check your junk folder. Unauthorized distribution, transmission or republication strictly prohibited. in the PURCHASE chart and negative plots on the SALE chart. [5], On February 13, 2015, Bellemare became the President and CEO of Bombardier Inc.[1][6], In May 2017, Bellmare's compensation of US$9.5 million was criticized while the Government of Quebec invested in Bombardier. Bombardier’s big-ticket luxury aircraft is the Global 7500 business jet. See Photos. We aim to create a safe and valuable space for discussion and debate. Bombardier said its board unanimously concluded that it was the appropriate time for a new leader to take the helm. Fintel's full text document search is like Google search for the SEC database. Losses were US$31 million or two cents per share, down from US$138 million or seven cents per share. © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. In the case of (a), the PURCHASE chart would show See our Privacy Policy and Terms and Conditions. Gone from the corner office is president and chief executive officer Pierre Beaudoin, who has been elevated to the clubby confines of the boardroom as executive chairman of the family-controlled company. [1][4], On January 1, 2009, Bellemare became the President of Hamilton Sundstrand. RTX. The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals