Exclusive: Bombardier's Beaudoin seen stepping down as chairman - source
Reuters
Published Dec 18, 2015 11:20AM ET
Exclusive: Bombardier's Beaudoin seen stepping down as chairman - source
WASHINGTON (Reuters) - Pierre Beaudoin is expected to step down as executive chairman of Canada's Bombardier Inc (TO:BBDb) in early 2016, according to a source familiar with discussions about the issue, but the company's chief executive dismissed the report.
The source, who was not authorized to speak publicly, said the move was still being discussed and it was not clear who would replace Beaudoin, a member of the family that controls the company. A decision could only be taken during a board meeting.
"I don't know where this is coming from," Chief Executive Alain Bellemare told reporters when asked about Beaudoin resigning as chairman.
Shares in Montreal-based Bombardier rose 9 percent on Friday following news that the company's CSeries 110-seater plane received certification from Canadian regulators. Shares were trading 8.2 percent higher at $1.45 in late morning.
Bombardier stunned investors in February when it replaced Beaudoin as chief executive with Bellemare, a former executive with United Technologies Corp (N:UTX), who has moved to shore up the company's financial situation since taking over.
In recent months, Bombardier secured a $1 billion dollar cash infusion from the Quebec government for a nearly 50 percent stake in the CSeries, which is years late and billions of dollars over budget. The company also received a cash infusion for its rail unit.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.