Bombardier executive chairman to step down after pay controversy
Beaudoin would quit following shareholder outcry over controversial pay hikes
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.
