Canada

Head of Bombardier Aviation leaving as it streamlines to focus on business aircraft

MONTREAL - The head of Bombardier’s aviation division is leaving the company as it streamlines the management team to refocus solely on business aircraft.

David Coleal is departing more than five years after joining to lead the business aircraft division. He was appointed president of Bombardier Aviation in May 2019.

Bombardier president and CEO Eric Martel says the restructuring comes as the sale of the rail division of the Quebec company to Alstom is “almost completed.”

Due to the sale of Bombardier Transport to the French transportation giant, the Montreal-based company negotiated agreements with members of its senior management in the event of their departure following the transaction.

Coleal was eligible for severance pay of about US$3.1 million, which takes into account two years of salary, a bonus and other amounts related to the value of his stock options and grants.

The current president of the rail division, Danny Di Perna, is expected to be entitled to US$3.55 million in the event of his departure, according to information in Bombardier’s most recent proxy circular.

“We are preparing for the future as a business aviation company,” said Martel. “This includes simplifying the senior management structure of our business. ”

This report by The Canadian Press was first published Oct. 1, 2020

Companies in this story: (TSX:BBD.B)

Football news:

Pjanic-Habibu: Good luck, brother. Inshallah, we will win
Klopp on Rashford's charity: I hope mom is proud of him. I'm proud
Troy deeney: I was called a black asshole, and social media said it wasn't racist. Do companies even want to change this?
Miralem Pjanic: Sorry didn't trust the players at Juventus. It's a shame when people are judged incorrectly
Wenger on why he didn't mention Mourinho in the book: he Didn't want to talk about Jose, Klopp or Pepe because they are still working
The perfect project to lose money. An idea for dreamers. Tebas on the European Premier League
The Catalan authorities refused to postpone the referendum on a vote of no confidence in Bartomeu. It will be held on November 1-2