As Bombardier continues facing public anger for their reliance on taxpayer funded bailouts and outrageous executive bonuses, Pierre Beaudoin is stepping down as Executive Chairman.
While giving up his executive role, Beaudoin will still remain Chairman of the Board.
Beaudoin is a member of Bombardier’s ruling family – who owns more than half the shares.
The move won’t fully satisfy Bombardier’s biggest outside shareholder – Caisse de Depot et Placement du Quebec – who wanted Beaudoin fully out of the chairmanship role.
Beaudoin was the CEO of Bombardier from 2008 until early 2015. In that time, Bombardier’s stock plunged from just above $8 per share to under $3 per share.
Bombardier is getting a $372.5 million bailout from Canadian taxpayers, in addition to $1 billion they got from the Quebec government. Despite the taxpayer lifeline, Bombardier’s top executives gave themselves a $10 million yearly raise – which caused mass public outrage.
However, Bombardier has only delayed (not cancelled) the bonuses, causing the issue to resurface as the company meets for their annual meeting.
Justin Trudeau has also come under fire for giving Bombardier so much taxpayer money, while attaching zero conditions to the taxpayer funded windfall.