Hires Former Bombardier CFO James Stewart
After its initial round of meetings with potential suppliers and
OEM partners for its Aerion Supersonic Business Jet, Aerion told
Aero-News this week it is refining the business case it will
present in subsequent meetings to gauge interest in the
project.
"Our initial discussions with OEMs have elicited strong
interest," commented Aerion Vice Chairman Brian Barents. "During
this phase we will examine the aircraft's bill of material and
every facet of its development cost; explore various partnership
structures; and develop a financial plan to assure an attractive
return on investment to the partnership."
Barents also told ANN
that James Stewart, former CFO of Bombardier Aerospace, has been
hired as CFO of Aerion -- and will lead this effort.
"Basically, there's no one in the world better qualified than
James to lead us in this effort," Barents said.
Stewart (right) has served in a number of senior financial
positions at Bombardier units or divisions. He has been CFO of
Learjet and Short Brothers, vice president of specialized finance
for Bombardier's commercial aircraft programs, and CFO of
Bombardier Aerospace.
Stewart also played a key role in keeping production lines
running in the post 9/11 airline environment. Working with
financial institutions and key suppliers, he structured unique
financing vehicles that facilitated the sale of 66 regional jets.
Stewart negotiated other financing packages facilitating sales to
airlines such as US Airways, Mesa and Flybe.
Most recently -- and most relevant to his new duties at Aerion
-- Stewart served as Bombardier's Vice President Finance -- New
Commercial Aircraft Program, helping shepherd the C-Series airliner
to the brink of program launch... which has since delayed, due to
what Bombardier says is the state of the airline industry.
In this role, he oversaw the development of a business plan that
resulted in board of directors' approval to offer the aircraft to
potential customers. He structured and negotiated $1 billion in
government investments in the C-Series aircraft development
program. He also structured financing mechanisms to fund a $400
million engineering and production program enabling Short Brothers
to make a successful bid for the CSeries wing, nacelles and
empennage.
"Our negotiations with potential partners and investors will
certainly be as detailed and complex as those for a new airliner,"
remarked Barents. "That is why it is so critical for us to have
someone with James's knowledge and experience."
In other news, Aerion continues on track with its development
efforts. High-speed testing on the Aerion supersonic laminar flow
wing is anticipated to take place in August of this year, employing
a rocket sled to achieve the necessary Mach 1.5 test speed.
Small design refinements also continue on the company's
supersonic business jet design. The company expects it will be able
to announce one or more partners in 2007.
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