MONTREAL, Nov. 28 (UPI) -- Canadian conglomerate Bombardier Inc. Wednesday named Pierre Beaudoin as chief executive officer, succeeding his father, Laurent, who will remain chairman.
The announcement coincided with Bombardier's reporting a 23 percent gain in its fiscal third-quarter profit.
The company, which has its headquarters in Montreal but reporting in U.S. dollars, said it profit rose to $91 million, or 5 cents a share, from $74 million, or 4 cents a share, in the year-ago period. Revenue hit $4.23 billion, up from $3.40 billion a year earlier.
Several of its Q400 Dash 8 turboprop planes crash-landed in Europe. Scandinavian airline SAS AB permanently grounded its entire 27-plane Q400 fleet and demanded $77 million in compensation from Bombardier.
Bombardier shares closed up 4.9 percent, or 27 cents, at $5.78 on the Toronto Stock Exchange Wednesday.
The younger Beaudoin, 45, will become CEO June 4, the company said.
He has worked at Bombardier for 22 years, including six as head of Bombardier Aerospace, the world's third largest aircraft maker after Chicago's Boeing Co. and Airbus SAS of Toulouse, France.
He has been a Bombardier Inc. director since 2004.
The elder Beaudoin, 69, will be "available for advice" if management seeks it, the younger Beaudoin said.