CAE announced that its CEO, Marc Parent, will leave the company in August 2025 after spending 20 years with the Montreal-based company.
Updated yesterday at 5:56 p.m.
On the occasion of the publication of its quarterly results on Tuesday, after the markets closed, CAE indicated that Mr. Parent would leave on the sidelines of the next annual general meeting.
To succeed him, the company said it had retained the services of a large executive search firm to conduct a comprehensive global search, including the evaluation of candidates from the internal and external.
Board Chairman Alan N. MacGibbon noted that during Mr. Parent’s 15-year tenure as president and CEO, CAE’s annual revenues nearly doubled from 2.2 billion to 4.3 billion.
He highlighted the transformation that the top executive led from a “company primarily focused on industrial products to a global leader in aviation training solutions.”
Mr. Parent said he experienced “the greatest privilege of [sa] life” while running the company for the past 15 years.
Until the next annual general meeting, he will continue to lead CAE as CEO and member of the board of directors.
Read “Ten questions for…Marc Parent”
“Having been involved in succession planning discussions for some time now, the board and I are fully aligned on the process and the transition to the next CEO of CAE,” he assured in the press release announcing his departure.
CAE, which makes flight simulators and trains commercial pilots, reported second-quarter net profit of $52.5 million on Tuesday, down 10% from the same quarter last year.
Earnings per share were 16 cents, compared to 17 cents the previous year.
Revenues were 1.14 billion, an increase of 8% compared to the corresponding period of the previous financial year.
“Despite the near-term supply chain challenges hampering the airline sector, the long-term growth outlook for the civil sector remains strong, underscoring CAE’s compelling investment strategy,” said argues Mr. Parent.
CAE also announced the completion of the integration of Sabre’s AirCentre division focused on airline operations and its company-wide restructuring program “which aimed to streamline CAE’s operating model and catalog , optimize its cost structure and generate efficiency gains.”
