CAE announces changes to its Board of Directors

Rhea-AI Summary

On May 16, 2024, CAE announced the appointment of Patrick Decostre to its Board of Directors. Decostre, President and CEO of Boralex, brings extensive experience in renewable energy, having spent 18 years developing Boralex's European operations. He holds degrees in engineering physics and business administration. This appointment follows the retirement of Michael E. Roach, who served on CAE's Board since 2017. Alan N. MacGibbon, Chair of CAE's Board, expressed gratitude towards Roach for his valuable contributions and welcomed Decostre's leadership and expertise.

Positive

• Appointment of Patrick Decostre brings extensive renewable energy experience to the Board.
• Decostre has 18 years of experience in building and managing European operations at Boralex.
• Decostre holds degrees in engineering physics and business administration, adding valuable expertise to CAE.
• Alan N. MacGibbon expressed high confidence in Decostre's ability to improve execution and performance.

Negative

• Retirement of Michael E. Roach, a valuable and experienced Board member since 2017, may create a gap in institutional knowledge.

MONTREAL, May 16, 2024 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) - CAE Inc. (CAE or the Company) today announced the appointment of Patrick Decostre to the Board of Directors, effective immediately.

Mr. Decostre is President, Chief Executive Officer and a director of Boralex Inc., a provider of affordable renewable energy in North America and Europe. Prior to his appointment as President and CEO in 2020, he spent 18 years building Boralex's business from the ground up in Europe, where he initiated wind energy initiatives and directed all operations and development activities of Boralex's European subsidiaries. Mr. Decostre, an engineering physicist, graduated from the École Polytechnique of Brussels. He is also a graduate of the Solvay Business School in Brussels in business administration. His full biography is available on the Boralex website.

Mr. Decostre's appointment is in conjunction with the retirement of Mr. Michael E. Roach, who has served on the Board since 2017.

"On behalf of the Board, I want to thank Mike for his dedication, insight, and wise counsel over the past seven years. His vast experience and outstanding judgment contributed constantly to productive discussions. We are grateful and we wish him the very best," said Alan N. MacGibbon, Chair of the Board of Directors. "Patrick brings extensive executive leadership and operating experience to the Board, and we look forward to benefiting from his insight as we continue to improve execution and performance across our businesses."

About CAE

At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, airlines, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we're everywhere customers need us to be with more than 13,000 employees in approximately 250 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we'll make sure our customers are ready for the moments that matter.

Read our FY23 Global Annual Activity and Sustainability Report.

Contacts 

General Media:
Samantha Golinski, Vice President, Public Affairs & Global Communications
+1-438-805-5856, samantha.golinski@cae.com

Investor Relations:
Andrew Arnovitz, Senior Vice President, Investor Relations and Enterprise Risk Management
+1-514-734-5760, andrew.arnovitz@cae.com

View original content:https://www.prnewswire.com/news-releases/cae-announces-changes-to-its-board-of-directors-302148248.html

SOURCE CAE Inc.

FAQ

Who was appointed to the CAE Board of Directors on May 16, 2024?

Patrick Decostre was appointed to the CAE Board of Directors on May 16, 2024.

What experience does Patrick Decostre bring to the CAE Board?

Patrick Decostre brings 18 years of experience in renewable energy and executive leadership from his tenure at Boralex.

Who did Patrick Decostre replace on the CAE Board?

Patrick Decostre replaced Michael E. Roach, who retired after serving on the Board since 2017.

What roles does Patrick Decostre hold at Boralex?

Patrick Decostre is the President, CEO, and a director at Boralex.

What academic background does Patrick Decostre have?

Patrick Decostre holds degrees in engineering physics from École Polytechnique of Brussels and business administration from Solvay Business School.