March 31, 2015 / 3:38 PM / in 3 years

Former Bombardier CEO's pay cut 12 percent after missed targets

A plane flies over a Bombardier plant in Montreal, January 21, 2014. REUTERS/Christinne Muschi

TORONTO (Reuters) - Bombardier Inc’s (BBDb.TO) former chief executive, Pierre Beaudoin, suffered a small pay cut in 2014 as the company struggled to complete development of its new CSeries jet, filings showed on Tuesday.

Beaudoin, who has since stepped down as chief executive and become the Canadian plane and train manufacturer’s executive chairman, received direct compensation of $5.1 million, down from $5.8 million in 2013.

His compensation had been linked to financial and nonfinancial targets for the company’s aerospace and transportation segments, as well as adjusted earnings per share and an undisclosed “specific value-added project for Bombardier Aerospace.”

In all four areas, Beaudoin was paid less than target bonuses set for him by the board, and he received no payment at all for the special project. The aerospace segment’s performance fell short of an undisclosed target for “on-time delivery” and transportation was docked for poor employee engagement.

Bombardier is pushing to bring its new CSeries, which is billions of dollars over budget and years behind schedule, into service. With several test planes flying, it is aiming to certify the aircraft by the end of this year.

Reporting by Allison Martell; editing by Matthew Lewis

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