MONTREAL — Flight simulator maker CAE Inc. says its chief executive Marc Parent is set to leave the company in August 2025 and a search for his replacement has begun.
It says Parent's looming departure is part of an ongoing succession plan that will consider internal and external candidates, which is being overseen by the board of directors' human resources committee with Parent's help.
Parent, who has spent 15 years as president and CEO of the Montreal-based company, will remain in the position until next summer's annual meeting.
Alan N. MacGibbon, chair of the board of directors, says CAE's annual revenue has nearly doubled to $4.3 billion from $2.2 billion under Parent's leadership, largely driven by the transformation he led from it being primarily an industrial products company to now offering aviation training services.
In a statement, Parent says he has worked "with an extraordinary team, reshaping the aerospace industry by creating something truly unique, and prepared thousands of people in critical roles for the moments that matter."
The announcement comes as the company reports its second-quarter earnings, with a net income attributable to shareholders of $52.5 million, down 10.1 per cent from $58.4 million in the same period a year earlier. Its revenue rose 8.2 per cent to $1.14 billion in the quarter ended Sept. 30 from $1.05 billion the year before.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:CAE)
The Canadian Press