Bombardier (TSX: BBD.B) has announced that Éric Martel has been appointed President and Chief Executive Officer, and a member of the Bombardier Board of Directors, effective April 6, 2020.
Éric Martel joins Bombardier from Hydro-Québec, where he has served as President and Chief Executive Officer since July 2015. With revenues of approximately $10 billion (USD), Hydro-Québec is one of the largest producers of hydroelectricity in the world. Prior to joining Hydro-Québec, Éric Martel held a number of leadership positions at Bombardier, including President of the Business Aircraft Division and President of the Customer Services and Specialized Aircraft Division.
"Éric is the right leader at the right time for Bombardier, as the company is completing its turnaround plan and focusing on growing its leading business aviation franchise. 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," said Pierre Beaudoin, Chairman of the Bombardier Board of Directors.
Éric Martel holds a bachelor's degree in electrical engineering from Laval University and is a member of the Ordre des ingénieurs du Québec. In addition to his past experience with Bombardier, he has held leadership positions at Pratt & Whitney, Rolls Royce, Procter & Gamble and Kraft Foods. He sits on the Board of Directors of the Global Sustainable Electricity Partnership and chairs the Energy Community of the World Economic Forum (Davos).
"I am very excited and honored to be able to rejoin Bombardier as it begins an exciting new chapter. I have always been passionate about Bombardier, its employees and products, and 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", stated Éric Martel.
With the five-year turnaround plan nearing completion, the Board, including Bellemare, unanimously concluded that it was the appropriate time for a new leader to take the helm of the corporation.
"On behalf of the entire Board, I would like to thank Alain for his leadership over the past five years," stated Beaudoin. "He oversaw a large and complex transformation addressing underperforming assets, major program issues and balance sheet challenges while positioning Bombardier for success as a focused business aviation company. We are grateful for Alain's contributions to Bombardier and wish him the very best in his future endeavors," concluded Beaudoin.
"It has been a privilege to lead Bombardier through its transformation," said Alain Bellemare. I am incredibly proud of the work our talented team has done addressing many challenges and setting a strong foundation for future success. With the turnaround chapter closed, it is a natural time for me to move on. I thank Pierre and the members of the Board of Directors for their unwavering support over the past five years throughout our complex transformation. I'm confident that the future is bright for Bombardier and I look forward to seeing all that the Company will achieve in the years ahead," concluded Bellemare.
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