Alain Bellemare steps down as Bombardier’s CEO

Bombardier Inc. (BBD.B), Canada’s multinational manufacturer of business jets, announced that Chief Executive Officer Alain M. Bellemare has been ousted and will be replaced by the former Hydro-Quebec CEO Eric Martel.

In 2015, Bellemare was appointed as CEO and president. He directed the company through its biggest trials and criticisms. This includes the bankruptcy issue of Bombardier because of the C Series jet program that cost them a big amount of money.

During his term, Bombardier diverted their focus to creating business jets after unloading its claim in the A220 passenger jet program, commonly known as the C Series, to Airbus SE (AIR.PA) and marketing the rail division earlier this year to Alstom SA (ALSO.PA) of France.

“With the five-year turnaround plan nearing completion, the board, including Mr. Bellemare, unanimously concluded that it was the appropriate time for a new leader to take the helm of the corporation,” Bombardier announced in a public statement.