Bombardier Announces Organizational Changes

Bombardier Inc. / Bombardier Announces Organizational Changes . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

MONTREAL, June 14, 2018 (GLOBE NEWSWIRE) -- Bombardier (TSX:BBD.B) today announced the following retirements and changes in responsibility for members of its Senior Leadership.

Effective immediately, Jim Vounassis is appointed Chief Operating Officer for Bombardier Transportation. Jim will report directly to Laurent Troger and join BT's core leadership team. He will have responsibility for BT's global operations, quality and procurement functions, as well as its overall industrial strategy. In this new position, Jim will focus on driving operational excellence and delighting customers with improved quality and delivery performance as we execute on our rail backlog of more than $35 billion.

"Jim is well suited for this role given his long track record of performance, including most recently leading Bombardier's Transformation and Procurement organizations, said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. "Jim's proven leadership ability and operational expertise will help accelerate BT's transformation efforts, securing its long-term competitive position in the fast growing global rail market."

A new organizational structure for the transformation and procurement organizations supporting Bombardier's aerospace units will be announced in the near future; until then Jim will maintain leadership responsibility.

"With the first half of our five-year turnaround plan successfully completed, Sylvain Lévesque has informed me of his desire to leave Bombardier and pursue the next chapter of his career, Bellemare explained. "I am extremely grateful for Sylvain's many contributions to Bombardier over the past 20 years, especially his strong leadership on many key initiatives, insights and sound counsel since I joined Bombardier. We will all miss the great camaraderie, and the extreme professionalism Sylvain has brought to our company."

Going forward, Louis Véronneau will assume responsibility for Bombardier's strategic planning process in addition to his current role overseeing Bombardier's partnerships, mergers, acquisitions and divestures as Bombardier's Senior Vice President, Strategy and Corporate Development.

"Louis is well qualified to assume this expanded role given his deep analytical skills, strong financial background and demonstrated leadership ability," Bellemare continued. "Louis spearheaded the negotiations for many of Bombardier's key strategic partnerships and divestitures, including the C Series partnership with Airbus and Investissement Québec, CDPQ's investment in Bombardier Transportation and Bombardier's sale of the Downsview property. With the company successfully de-risked, Louis will work closely with me and the rest of the leadership team to identify and execute strategic moves that support long-term sustainable growth across our portfolio."