Troubled Bombardier Replaces CEO

Stephen Pope

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

Verified

Key Takeaways:

Bombardier has appointed outsider Alain Bellemare as its new CEO, replacing Pierre Beaudoin, as the company faces significant challenges with its CSeries regional airliner.
The CSeries development cost has increased to $5.4 billion, prompting Bombardier to seek additional capital to fund the troubled program.
The company previously halted its Learjet 85 jet program to redirect resources towards the CSeries, highlighting the critical nature of the project.

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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.