Bombardier is a Canadian multinational corporation that has been through a period of crisis in recent years. The company was founded in 1942 as a snowmobile manufacturer and has since expanded into the aviation and transportation industries. However, Bombardier has faced significant financial challenges in recent years due to its struggling commercial aerospace business. In this article, we will discuss how Bombardier’s CEO, Éric Martel, has led the company through a period of crisis and into recovery.
In early 2020, Bombardier announced that it would sell its commercial aerospace business to Airbus and invest in its business aviation division. This move came after years of financial struggles, which included a drop in orders for the company’s commercial jets and issues with its rail division.
Martel took over as CEO of Bombardier in April 2020 and immediately began implementing a turnaround plan. He focused on streamlining the company’s operations, reducing costs, and investing in research and development. Martel also emphasized the importance of transparency and communication with stakeholders, including employees, investors, and customers.
One of the key decisions Martel made was to sell Bombardier’s commercial aerospace business to Airbus. This move allowed Bombardier to focus on its business aviation division, which has been more successful in recent years. Bombardier’s business aviation division includes the production of private jets, which have been in high demand among wealthy individuals and corporations.
In addition to selling its commercial aerospace business, Bombardier has also been investing in research and development. The company has developed new products, such as the Global 7500 private jet, which has received positive reviews from customers and industry experts. Bombardier has also been investing in technology, including the development of electric and hybrid planes.
Martel’s focus on transparency and communication has also helped to rebuild confidence in Bombardier. He has been open and honest about the company’s challenges and has worked to build trust with stakeholders. Martel has also emphasized the importance of innovation and has encouraged employees to think creatively and develop new ideas.
As a result of Martel’s leadership and the company’s turnaround plan, Bombardier has seen positive results in recent years. The company’s business aviation division has been successful, with strong demand for its private jets. Bombardier’s rail division has also seen improvements, with new orders from customers in Europe and North America. The company has also been investing in sustainability, with a focus on reducing its carbon footprint and developing more environmentally friendly products.
Bombardier has faced significant challenges in recent years, but under the leadership of CEO Éric Martel, the company has made significant strides in its turnaround plan. Martel’s focus on transparency, communication, and innovation has helped to rebuild confidence in Bombardier and position the company for future success. While there are still challenges ahead, Bombardier’s recovery story is a testament to the power of strong leadership and a clear vision for the future.