Left-Seat Change At Bombardier
Canadian business and regional jet manufacturer Bombardier Inc., jettisoned its chief executive on Monday amid poor financial results, lowered growth projections and apparent internal disagreements coupled with public uncertainty over the company's direction. Paul Tellier, who was president and chief executive officer as well as director, became a casualty after telling Bombardier's board of directors that he planned to leave when his contract expired in a year -- the board apparently felt there was no time like the present. As a result, Bombardier's top management is being reshuffled, with a new Office of the President being created. That office will be headed by Executive Chairman Laurent Beaudoin; André Navarri, president of Bombardier Transportation, and Pierre Beaudoin, president and chief operating officer of Bombardier Aerospace, each of whom has been appointed executive vice president of Bombardier Inc., will also occupy that office. "I understand the board's concern that I would not be there for the long term to develop and execute strategies, and the need to reshape the management structure at this time," said a statement prepared by Tellier. "I leave with the satisfaction of having done what needed to be done as a first step before the corporation could focus on developing new avenues of value creation," he added. Incoming Executive Chairman Pierre Beaudoin was appointed president and chief operating officer, Bombardier Aerospace, on Oct. 16, 2001. He previously held the position of president, Bombardier Aerospace, Business Aircraft. For eight years, he was president and chief operating officer, Bombardier Recreational Products. Neither Tellier's long-term plans nor the immediate impact on Bombardier's aerospace operations were known in the aftermath of the executive changes.