Bombardier CEO took 27 per cent pay cut as profits plummeted
by The Canadian Press
MONTREAL—Bombardier’s chief executive took a 27 per cent pay cut last year, the transportation giant said.
Pierre Beaudoin’s total compensation in U.S. dollars was worth nearly US$6 million, compared with $8.2 million in 2011, according to a regulatory filing ahead of the company’s annual meeting next month.
The company founder’s grandson earned $1.4 million in base salary in 2012, compared with $1.29 million a year earlier.
The 2011 number was for 11 months because the company changed its fiscal year-end to Dec. 31.
In 2012, Beaudoin also received $2.45 million in share-based awards, $1.2 million in options, $761,100 in incentives and a $22,000 pension value.
A year earlier, he received $3.3 million in share-based awards, $1.5 million in options, $1.57 million in incentives and $362,400 in pension value.
The total compensation for Bombardier’s top five executives fell 19 per cent to $17.9 million.
Railway division president Andre Navarri was second highest at $3.9 million, down from $4.7 million in 2011.
Aerospace president Guy Hachey followed at $3.8 million, compared with $4.4 million a year earlier.
Chief financial officer Pierre Alary’s compensation decreased to $2.3 million from $2.8 million in 2011.
The other named executive was senior vice-president Richard Bradeen who earned $1.8 million in 2012.
Bombardier’s profits plummeted 29.8 per cent to $588 million on $16.8 billion of revenues last year.
