Bombardier CEO Alain Bellemare to step down, Eric Martel to take over

Canada's Bombardier Inc said late Wednesday Chief Executive Officer Alain Bellemare would step down and be replaced by former company executive and Hydro-Quebec CEO Eric Martel.

Bellemare, who took over the top job at Bombardier in 2015, has steered the company through some of its biggest challenges, including a brush with bankruptcy due to its costly C Series jet program.

Under his watch, the company has narrowed its focus on making business jets, after offloading its stake in the A220 passenger jet program - formerly known as the C Series - to Airbus SE and selling the rail division to France's Alstom