Bombardier CEO says company did 'bad job' communicating pay increases
Bombardier CEO Alain Bellemare says the company did "a bad job" explaining its decision to raise executive compensation.
In an interview with The Canadian Press, Bellemare says Bombardier has listened and is ready to turn the page following days of criticism over the pay hikes.
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, until 2020 and only if certain objectives are met.
Last week, the company issued a proxy circular showing that Bellemare and five others were in line for a nearly 50 per cent hike in compensation, most of which was to be granted in 2019.
The disclosure stoked public outcry, including a weekend protest at Bombardier's headquarters in Montreal, following a year in which the company requested and secured federal and provincial assistance, racked up massive losses and laid off thousands of workers.