0Pierre Beaudoin has been tapped to take over as the next chief executive officer at Bombardier Inc., succeeding his father Laurent next June, the Montreal company said Wednesday.

Bombardier B 3-month TSX chart

The younger Beaudoin has been with his family's company for 22 years and is currently its executive vice-president and the head of Bombardier Aerospace.

Laurent Beaudoin will hand over the CEO post at the company's next annual meeting on June 4. He will remain on the board of directors as chairman.

The succession announcement came on the day that Bombardier reported an improved third-quarter profit on stronger sales.

Pierre Beaudoin will become the new chief executive officer of Bombardier Inc. and assume his new duties next June.
(Ryan Remiorz/Canadian Press)

The Montreal-based transportation and aerospace giant said it made $91 million US, or five cents a share, up from $74 million, or four cents a share, a year earlier. The company's revenue grew to $4.23 billion US from $3.4 billion US year-over-year.

"Both business groups produced substantial increases in revenues and made steady improvement in profitability," said Laurent Beaudoin in a statement issued prior to the open of stock markets.

Bombardier shares gained 29 cents to close at $5.77 on the TSX.