Public outcry prompts Pierre Beaudoin to give up Bombardier executive role

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Public demonstrations and a shareholder revolt weren’t enough to keep Bombardier chairman Pierre Beaudoin from re-election, though he has stepped back from his former executive role.

Bombardier’s institutional investors by and large withheld support for Beaudoin and the executive pay raise, but Bombardier’s two-tiered share structure gives the founding family control; both measures passed easily.

Desautels Professor Karl Moore believes that the change will be important, both for Beaudoin, who is giving up on a lot of money, but also for Bombardier itself.

“It will mean less involvement in the company, and it will mean that [CEO] Alain [Bellemare — who is on the Desautels International Advisory Board] is absolutely, without question the person in charge.”

Read more in the Financial Post