The Bombardier Inc. chairman is defending former CEO Alain Bellemare’s hefty compensation plan worth millions of dollars, according to The Star.
After stepping down in April, Bellemare received a package that could potentially reach $17.5 million as it involves at least $10 million in severance pay and almost $2.7 million in shares. Also if Bombardier’s rail unit is sold to Alstom SA in France, he will receive another $4.9 million.
During the Quebec company’s annual meeting on Thursday, Pierre Beaudoin—grandson of Bombardier’s founder—told shareholders that the board “respected its (contractual) obligations” with the former executive’s compensation plan and the policies were comparable to those of other U.S. and Canadian companies that are publicly traded.
Caisse de depot et placement, which manages pension plans, called the compensation plan “excessive.”
The company's debt is now over $9 billion as it struggles during Bellemare’s five-year tenure.
During the virtual meeting on Thursday, current CEO Eric Martel said “repeated program delays and technical challenges tarnished” the company’s reputation while his predecessor was in charge.
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