Bombardier CEO says company did ‘bad job’ communicating pay increases
MONTREAL — Bombardier did “a bad job” explaining its decision to raise executive compensation, but the company has listened to the public and is now ready to turn the page, CEO Alain Bellemare says.
In an interview, Bellemare acknowledged that Bombardier (TSX:BBD.B) underestimated the anger that would erupt over the pay hikes, which were to come as it was issuing pink slips to thousands of employees while receiving federal and provincial assistance.
“It’s all on us at Bombardier,” he said. “The message here is we did listen, we paid attention, we care.”
Bellemare announced late Sunday that he has asked Bombardier’s board of directors to delay the payment of more than half of this year’s total planned compensation for six executive officers, including himself, by one year — until 2020. The compensation would be paid as long as certain objectives that haven’t changed are met by that time.