CAE names Heidi R. Wood as interim Group President, Defence and Security to replace Todd Probert

Rhea-AI Summary

CAE announced that Todd Probert, Group President of Defence and Security, will step down effective June 26, 2020, to pursue an opportunity within the U.S. National Security community. CAE's President and CEO, Marc Parent, expressed support for Probert's decision. Heidi R. Wood, the newly appointed Executive Vice President of Business Development, will serve as the interim Group President while the search for a new leader begins. CAE remains committed to providing innovative training solutions in the defense sector.

Positive

• Heidi R. Wood has been appointed as interim Group President, bringing expertise from her previous roles.
• CAE continues to support its customers with innovative training solutions.

Negative

• The departure of Todd Probert may lead to initial instability in the Defence and Security division.

News Market Reaction – CAE

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+0.52% News Effect

On the day this news was published, CAE gained 0.52%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MONTREAL, June 16, 2020 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) – CAE announced today that Todd Probert, who was appointed to the position of Group President, Defence and Security in January 2020 will step down effective June 26 to pursue a job opportunity within the U.S. National Security community.

"Todd's first passion is for the U.S. National Security community and he has decided to step down from his role at CAE to pursue a job opportunity in that domain. We wish him success in his new role," said Marc Parent, CAE's President and CEO. "Heidi R. Wood, who recently joined CAE as Executive Vice President, Business Development and Growth Initiatives, will act as interim leader while we initiate our search for a new leader. Our Defence business is comprised of an excellent global team and we will continue supporting our customers with the most innovative training and mission solutions." 

Prior to CAE, Heidi established herself as an industry thought leader in Aerospace and Defence, both in her capacity at Morgan Stanley and most recently at L3 Technologies, where she led the merger with Harris Corporation, resulting in it becoming the 6^th largest US defence prime.

About CAE

CAE is a global leader in training for the civil aviation, defence and security, and healthcare markets. Backed by a record of more than 70 years of industry firsts, we continue to help define global training standards with our innovative virtual-to-live training solutions to make flying safer, maintain defense force readiness and enhance patient safety. We have the broadest global presence in the industry, with over 10,500 employees, 160 sites and training locations in over 35 countries. Each year, we train more than 220,000 civil and defence crewmembers, including more than 135,000 pilots, and thousands of healthcare professionals worldwide. www.cae.com

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SOURCE CAE INC.

FAQ

Why did Todd Probert leave CAE?

Todd Probert is leaving CAE to pursue a job opportunity within the U.S. National Security community.

Who is replacing Todd Probert at CAE?

Heidi R. Wood has been appointed as the interim Group President for Defence and Security at CAE.

When did Todd Probert's resignation become effective?

Todd Probert's resignation will be effective on June 26, 2020.

What is CAE's focus area after the leadership change?

CAE remains focused on providing innovative training solutions in the Defence and Security sectors.

What experience does Heidi R. Wood bring to CAE?

Heidi R. Wood has significant experience in Aerospace and Defence, including her previous role at L3 Technologies.