Archive for Tuesday, December 14, 2004

Canada’s Bombardier fires chief executive

December 14, 2004


— Bombardier Inc., the world's third-largest aircraft manufacturer and biggest rail equipment maker, fired its chief executive officer Monday in a move that analysts said increased investor uncertainty about the company's direction.

News of Paul Tellier's firing came as the Montreal-based company shuffled its top management responsibilities amid deepening problems in its railway and airliner divisions.

Tellier wanted to leave when his contract expired in a year, but the board of directors decided sooner was better than later. His dismissal was effective immediately.

"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," Tellier said.

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