Bombardier chairman forced to step down over pay scandal
Pierre Beaudoin takes a ‘significant’ pay cut and relinquishes an executive role in changes demanded after uproar over executive compensation
Montreal — Bombardier chairman Pierre Beaudoin will take a "significant" pay cut as he relinquishes an executive role, partially bow to a public uproar over executive-compensation practices at the aircraft maker. The company did not immediately explain other effects of the shift in Beaudoin’s duties after two years as executive chairman, and he will continue to lead the board. He is a member of Bombardier’s founding family, which controls the Montreal-based company through a special class of multiple voting shares. The shift in Beaudoin’s role falls short of changes sought by Bombardier’s largest outside shareholder. Caisse de Depot et Placement du Quebec had criticised the board for a "lapse of governance" on compensation and pushed for an independent chairman, after Bombardier raised executive pay while cutting thousands of jobs and relying on taxpayer support for its $6 billion C Series jetliner program. The Caisse was the first of several Canadian pension funds to withhold suppo...
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