On Friday the S&P 500 and Toronto were each down 0.2%.
On Friday, Statistics Canada released positive news on the growth of the economy.
I think Bombardier executive chairman and (not coincidentally) controlling family member Pierre Beaudoin did the right thing by renouncing his latest pay increase after the public outcry. There may be some argument that the relatively new CEO and other relatively new executives need to be compensated liberally and certainly in accordance with any compensation agreements. But there is no valid argument for paying Pierre Beaudoin anything close to the $5.2 million that the terrible Board at Bombardier awarded him for 2016 or even the $3.8 million of the prior year. He has presided over massive losses at the company for a number of years. Any talk of needing to “retain” his sort of “talent” is patently ridiculous. He is no longer CEO but the Board seems to think he should be compensated as if he still was. The fact that he is executive chairman illustrates that the Board has failed to turn over full executive power to the management. The CEO is hobbled by this.
However, it seems that at least Pierre Beaudoin is now displaying at least a modicum of shame for the dire position he has put the company in.