CAE incoming president and CEO Marc Parent, right, attends the company's annual general meeting in Montreal along with outgoing president and CEO Robert E. Brown.Graham Hughes/The Canadian Press
CAE Inc. announced a change of leadership on Wednesday, after reporting a decline in first-quarter profit due to an $18.9-million restructuring charge.
The Montreal-based provider of flight training services said president and chief executive Robert Brown will retire from the company as of Sept. 30 after holding the top job since 2004.
Mr. Brown will be succeeded by Marc Parent, the company's current chief operating officer.
"I would like to thank CAE's employees as well the management team for the quality of their work and their dedication," Mr. Brown said in a statement.
"They have made my five years at CAE extremely rewarding. I am confident that Marc and his team will continue to lead CAE to new levels of success. He already has responsibility for all of CAE's business segments and has done an excellent job in achieving superior results."
The announcement of Mr. Brown's retirement came as the company reported financial results for the first quarter of fiscal 2010.
CAE reported profits of $27.2-million or 11 cents per share for the quarter ended June 30, down from year-earlier net earnings of $47.3-million or 19 cents per share.
Stripping out a restructuring charge, CAE said profits would have totalled $46.1-million or 18 cents per share.
The company reported a decline in quarterly revenue, which fell to $383-million from $392.1-million booked the year before.
Weaker revenues in the company's civil segment, totalling $114.7-million, were offset by $193.5-million worth of new orders and total revenue of $185.2-million from CAE's military division.