Bengaluru
Canadian plane and train maker Bombardier said Executive Chairman Pierre Beaudoin would step down, following shareholder outcry over controversial executive pay hikes, and reported a smaller-than-expected adjusted net loss.
Beaudoin — a former chief executive and a scion of Bombardier’s founding family, which controls the company through its dual-class share structure — will continue to serve as non-executive chairman. The Canada Pension Plan Investment Board (CPPIB), the country’s largest pension fund manager, withheld its vote for the re-election of Beaudoin at Bombardier’s annual meeting on Thursday.
The Ontario Teachers’ Pension Plan (OTPP) also withheld its vote on his re-election on Tuesday, echoing similar moves by Quebec and British Columbia funds. Beaudoin agreed to forgo the pay hike and other executives agreed to defer.
