(Reuters) - Bombardier Inc Executive Chairman Pierre Beaudoin will see a cut in his 2016 compensation after he requested the board to reverse his pay to its 2015 level, the company said in a statement on Friday.
Quebec’s Economy Minister Dominique Anglade had said on Thursday Bombardier should reflect on pay raises of up to 50 percent for its senior executives in light of a public backlash over its layoffs of thousands of employees.
Beaudoin said he has asked the board to reset his compensation as the rise in pay had “become a distraction” from the company’s regular work.
Total compensation for the Canadian plane and train maker’s top five executives and board chairman rose to $32.7 million in 2016, from $21.9 million a year earlier, according to a proxy circular published on Wednesday ahead of Bombardier’s May 11 annual meeting.
In 2016, the company announced two rounds of layoffs totaling 14,500 people over two years at sites around the world. Bombardier has said it will still hire for certain programs.
Bombardier will file a supplement to its 2017 management proxy circular next week to reflect the change to Beaudoin’s 2016 compensation, the company said in a statement.
Reporting by Kanishka Singh in Bengaluru; Editing by Kim Coghill