Pierre Beaudoin (pictured), grandson of Bombardier founder Joseph-Armand Bombardier, has become president and CEO of the Canada-based transportation and aerospace company. His father, Laurent, is stepping down after 42 years at the top.
Laurent's last duty as president was to announce the firm's first quarterly results, which showed a revenue growth of 21% to reach $4.8 billion. He will continue as chairman - a role he has held since 1979.
Pierre was named as the future president in November. Laurent said the announcement had been made so far in advance "to allow for an orderly transition". Pierre joined Bombardier in 1985 and was appointed president and COO of Bombardier Aerospace in 2001. In 2004 he was named executive vice president and made a member of the board.
"The Bombardier board of directors is confident Pierre Beaudoin will lead the corporation successfully, just as he has done for the past six years as head of Bombardier Aerospace," said Jean C Monty, Bombardier board member and chairman of the Human Resources and Compensation Committee.
Monty also paid tribute to Laurent. "The board of directors wishes to thank Laurent Beaudoin for his outstanding contribution," he said. "Under his leadership, Bombardier has regained momentum and is well positioned for future success."
Laurent joined the firm in 1963 and became president in 1966. Under his leadership the company has grown from a snowmobile manufacturing firm into one of the largest aerospace and rail businesses in the world.