Bombardier CEO Quits After $1.6bn Loss

Canadian jet maker Bombardier has said it will seek new funding after announcing a group loss of $1.6bn for Q4 2014, while its president and CEO Pierre Beaudoin has resigned.

Canadian jet maker Bombardier has said it will seek new funding after announcing a group loss of $1.6bn for Q4 2014, while its president and CEO Pierre Beaudoin has resigned.

The OEM said it will seek to raise $600m in new equity and $1.5bn in new debt to allay investor concerns over its ability to fund the CSeries and Global 7000/8000 projects.

Bombardier said its Q4 loss includes $1.4bn in charges linked to the suspension of the Learjet 85 programme. Overall Bombardier’s aerospace division generated $10.5bn in revenue and an operating profit of $1.35bn in 2014.

As part of a management reshuffle, Beaudoin, who became CEO in 2008, will be replaced by Alaine Bellemare, ex-head of United Technologies propulsion and aerospace division.

Beaudoin is to replace his father, Laurent Beaudoin, as chairman of the company. Laurent Beaudoin is retiring after more than 50 years with the company.  

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