Bombardier executive chairman Pierre Beaudoin is to step down from his post and assume the role of non-executive chair on the board of directors, the Canadian manufacturer has disclosed.
The move, which takes effect 30 June, comes amid heightened pressure from several major institutional shareholders which have publicly expressed concern about Beaudoin's leadership and withheld votes for his re-election.
"This change reflects the very successful transition of Bombardier's executive leadership to Alain [Bellemare] over the past two years," states Beaudoin.
Institutional investors critical of the company's board leadership had expressed support for chief executive Bellemare.
Those investors include pension fund manager Caisse de depot et placement du Quebec (CPDQ), Canadian Pension Plan Investment Board, Ontario Teachers' Pension Plan and others, according to reports.
"As chairman, I look forward to working with the board of directors to provide continuing support to Alain and the leadership team," states Beaudoin. "The company is firmly on the right path, with a very strong leadership team now in place to execute its turnaround plan and return Bombardier to long-term, sustainable growth."
Bombardier expects the board of directors to approve the leadership change during today's annual general meeting.
Source: Cirium Dashboard