Bombardier Inc (OTCMKTS:BDRBF) appointed Francois Cognard as the new Vice President of sales, in South-East Asia and Australasia. The company noted that Mr. Cognard has experience as a sales leader and would be focusing on growth and replacement opportunities in the region. Mr. Cognard will be based in Singapore and would report to Colin Bole, the Senior VP, of Commercial.
Mr. Bole, commented on this appointment, stating that it comes at a time when the company is pushing forward with its transformation plans, so as to be poised for success in global markets. He also noted that the South Asian and Asian Pacific regions accounted for an estimated 15% of BDRBF’s deliveries, of new aircrafts, in the next 20 years. The Senior VP also expressed his confidence in the abilities of Mr. Cognard, in capturing a substantial share of these markets.
Bombardier’s new VP of sales is in the aviation industry for the past 20-years. In addition to this, his last job was at Airbus, as the VP and head of sales for Middle-East and North Africa. Earlier, the company updated its delivery forecast for the current year, reducing the number of CSeries aircraft deliveries by half. However, BDRBF stated that its revenue forecast is expected to be at the lower end of the previously announced range.
Analysts at Reuters pointed out that the CSeries program from Bombardier has faced a series of delays and cost over-runs. Most recently, the company had to agree to a $774 million investment, from the Quebec government, to continue operations. A report from Reuters cited an analyst, who stated that the company has a lot of debt and little financial flexibility. He claimed that this coupled with the setbacks are a cause of concern. Bombardier cited delay in the delivery of engines, from its supplier Pratt & Whitney, as the reason for the delay.
Bombardier Inc (OTCMKTS:BDRBF) had a trade volume of 311,243 during the September 20 trading session and lost 6.65% of its share value, to close at $1.26 per share.