Dramatic management shake-up as Bombardier financial results plunge

Beaudoin will become executive chairman of Bombardier, replacing his father, Laurent, who announced his retirement at the same time.

Media reports in Montreal said there are also plans for the possible sale of some business units.

The changes were announced as Bombardier posted a net fourth-quarter losses of $1.6-billion. It suspended dividends and said it will “explore other initiatives such as certain business activities’ potential participation in industry consolidation in order to reduce debt.”

The moves are intended to address the company’s troubles at its aerospace division following delays and escalating costs with the new C Series airliner and the write-off following the suspension of its Learjet 85 business-jet programme announced last month.
 

Alain Bellemare - takes over as Bombardier CEO today