CAE names Northrop Grumman executive Matthew Bromberg as next CEO
Canadian pilot training company CAE Inc. CAE-T has named Northrop Grumman Corp. executive Matthew Bromberg as its next chief executive officer, capping a four-month search process ahead the coming retirement of current CEO Marc Parent.
Mr. Bromberg, a military veteran who served as a submarine officer in the U.S. Navy, currently leads Northrop Grumman's global operations as vice-president. He'll take over Aug.13 after Mr. Parent's departure, Montreal-based CAE said in a statement Monday.
Former Air Canada Chief Executive Calin Rovinescu, named CAE chairman in February, will become executive chairman and energy industry executive Sophie Brochu will serve as lead independent director, the company said.
The announcement follows a mini board shakeup in February that saw four new directors added, including Peter Lee of U.S. investment firm Browning West. Browning West is best known in Canada as the firm that led a successful campaign to re-instate the ousted co-founder and CEO of Gildan Activewear Inc., Glenn Chamandy.
Browning West disclosed in December that it had amassed a 4.3-per-cent economic interest in CAE and asked for a formal role in the succession planning. An agreement was subsequently struck giving Mr. Lee a board seat and making him co-chair of the CEO selection committee.
Mr. Bromberg also worked for Raytheon Technologies for more than 20 years, leading Pratt & Whitney's military engines unit. Earlier in his career, he worked as an investment banker with Goldman Sachs and led several key acquisitions and divestitures at United Technologies.
The incoming CEO 'ticks the key experience boxes' necessary to lead CAE, National Bank analyst Cameron Doerksen said in a research note Monday. 'We believe CAE has a meaningful opportunity to streamline its operations to improve capital efficiency and free cash flow, and we expect this will be a key focus for the incoming CEO,' the analyst said.
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In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. 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For additional information regarding these risks, please see the Company's Annual Information Form dated July 11, 2022 for the fiscal year ended June 30, 2021, under the heading "Risk Factors", which is available at These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. 1 S&P Global Market Intelligence - Market Intelligence Research.
