Troubled Bombardier Replaces CEO

Stephen Pope

Thursday, February 12, 2015 at 10:21 PM ET

Verified

Key Takeaways:

Bombardier has appointed Alain Bellemare, a former United Technologies executive and only the second outsider to lead the company, replacing Pierre Beaudoin as CEO.
The company is grappling with significant financial challenges, particularly with its CSeries regional airliner, whose development costs have escalated to $5.4 billion.
To address these issues, Bombardier plans to raise additional capital, having already shelved its Learjet 85 jet program to prioritize the troubled CSeries.

See a mistake? Contact us.

Facing difficult challenges related to its CSeries regional airliner, Bombardier is turning to an outsider to head the company after CEO Pierre Beaudoin stepped down.

Bombardier announced that it has hired Alain Bellemare, a former top executive at United Technologies, to head the Canadian company. Beaudoin’s title has been changed to Executive Chairman. His father, Laurent Beaudoin, who led Bombardier for more than 30 years before becoming chairman, will retire.